1. Housing Scheme Overview and Eligibility
Government housing schemes like Help to Buy and Shared Ownership have opened homeownership opportunities for thousands of first-time buyers and those with limited deposits. Understanding the survey and valuation requirements is crucial for successful participation in these programs.
Help to Buy Equity Loan Scheme
Key Features:
- • Government provides up to 20% equity loan (40% in London)
- • Minimum 5% deposit required from buyer
- • Available for new-build properties up to £600k
- • Interest-free for first 5 years, then 1.75% annually
- • Loan repayable when property is sold or remortgaged
Eligibility Criteria:
- • First-time buyers or previous homeowners who can't afford to buy
- • Maximum household income of £80,000 (£90,000 in London)
- • Property must be your only residence
- • Cannot sublet the property
- • Must obtain mortgage for remaining 75% of purchase price
Note: The Help to Buy scheme closed to new applications on 31st October 2022, but existing applicants with reservations can still complete purchases.
Shared Ownership Scheme
Key Features:
- • Buy 25-75% share of property initially
- • Pay subsidized rent on remaining share
- • Can buy additional shares over time (staircasing)
- • Available for new-build and resale properties
- • Option to buy 100% and own property outright
Eligibility Criteria:
- • Household income up to £80,000 (£90,000 in London)
- • First-time buyers or previous homeowners
- • Cannot afford to buy suitable home on open market
- • Property must be your only residence
- • Must pass housing association eligibility checks
The new model Shared Ownership scheme launched in April 2021 with improved terms including lower initial share options and reduced staircasing fees.
2. Survey Requirements and Compliance
Both Help to Buy and Shared Ownership schemes have specific survey and valuation requirements that must be met for the purchase to proceed. These requirements ensure property values are accurate and protect all parties involved in the transaction.
Mandatory Survey Requirements
Government Requirements:
- • RICS qualified surveyor must conduct valuation
- • Property must meet Decent Homes Standard
- • Building safety and structural integrity assessment
- • Energy Performance Certificate (EPC) rating of C or above
- • Compliance with Building Regulations and Planning Permission
Lender Requirements:
- • Mortgage valuation for lending decision
- • Property condition assessment for insurance purposes
- • Flood risk and environmental factor evaluation
- • Verification of property tenure and legal compliance
| Survey Type | Help to Buy | Shared Ownership | Purpose |
|---|---|---|---|
| Mortgage Valuation | Required | Required | Lender security assessment |
| HomeBuyer Report | Recommended | Often Required | Property condition assessment |
| Building Survey | Optional | If Concerns | Detailed structural analysis |
| New Build Snagging | Recommended | If Applicable | Construction defect identification |
Successfully Navigating Government Housing Scheme Surveys
Help to Buy and Shared Ownership schemes provide valuable opportunities for homeownership, but require careful attention to survey and valuation requirements. Professional surveyor guidance ensures compliance with scheme requirements while protecting your investment through comprehensive property assessment.
Our RICS qualified surveyors have extensive experience with government housing schemes and provide the expertise needed for successful scheme participation and property purchase completion.