Types of Valuations
Home Survey Level 2 (HomeBuyer) Valuations
Valuations can be included with your Home Survey Level 2 (HomeBuyer) to help you decide whether or not you are paying a fair price for a property. A Home Survey Level 2 (HomeBuyer) Valuation can differ from a Mortgage Valuation if mortgage lenders have specific criteria.
'Help to Buy' and Shared Ownership Valuations
Shared ownership schemes allow you to buy part of a property, with another person or entity buying the remaining shares. The most well-known scheme is ‘Help to Buy’, in which the Government purchases part of the equity in the home. Other shared ownership schemes are usually in partnership with housing associations.
Whoever owns the remaining shares in your property, when you come to sell it or repay the loan you will need a Valuation. This tells the other party exactly how much their share of the property is worth. If house prices have risen since you bought the home, the value of their share will have risen too. Equally, if house prices have fallen, the outstanding loan amount you owe will fall too.
Valuations for Tax or Legal Purposes
These are most commonly done for Inheritance Tax purposes (Probate) or to get an accurate assessment of a property value to support divorce proceedings (Matrimonial). However, Valuations can also be required for Company accounting purposes, calculating Capital Gains tax or Non-domicile Tax purposes.
Reinstatement Cost Assessments
Getting an accurate cost for rebuilding your home in case it is seriously damaged means allows you to check that your insurance cover is appropriate. At Chris Hodgson Surveyors, we are able to provide Reinstatement Cost Assessments.
'Right to Buy' Valuations
If you live in a property owned by a Council or Housing Association, you may be eligible for the ‘Right to Buy’ your home. If you apply for ‘Right to Buy’, your Landlord will send you a letter telling you how much the property is worth and how they determined its value. It will also explain the current condition of the property and any structural issues. If you disagree with your Landlord’s Valuation or their assessment of the property condition you can get your own Valuation. This can be used to challenge the landlord directly or can be taken to the District Valuer and used in an appeal.
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