Help to Buy Schemes and Shared Ownership: The Role of Property Surveys
Government-backed schemes help first-time buyers, but surveys are still essential. Our chartered surveyors explain why surveys protect Help to Buy and Shared Ownership purchases.
Understanding Help to Buy and Shared Ownership
These schemes assist first-time buyers with smaller deposits:
- Help to Buy: Government equity loan (up to 20% in England, 40% in London)
- Shared Ownership: Buy a share (25-75%) and rent the rest
Why You Still Need a Survey
Many buyers assume warranties cover everything, but:
Critical Point
NHBC or similar warranties don't replace professional surveys. They cover specific defects only, have exclusions, and require you to identify and report problems within strict timeframes.
Required Valuations vs Optional Surveys
Required: Help to Buy Valuation
Government requires RICS Red Book valuation to confirm property value for equity loan purposes. This protects the lender, not you.
Optional But Essential: Your Survey
Independent survey protects YOUR interests by identifying defects, construction quality issues, and potential future problems.
What Survey Level for Help to Buy Properties?
- New builds: Snagging survey before completion + Level 2 survey
- Recently completed: Level 2 Homebuyer Survey
- Properties over 10 years old: Level 2 or Level 3 depending on condition
Common Issues Found in New Builds
Our surveyors regularly find defects in "new" properties:
- Poor plasterwork and finishes
- Inadequate drainage
- Window and door alignment problems
- Roof tile defects
- Incomplete snagging items
- Building regulation compliance issues
Shared Ownership Specific Considerations
Additional factors for shared ownership:
- Service charge review (can increase significantly)
- Maintenance responsibilities in lease
- Staircasing costs (buying additional shares)
- Resale restrictions
- Building condition affects future staircasing valuations
Cost of Surveys for Help to Buy
Budget for:
- Snagging survey: £300-£600
- Level 2 Homebuyer Survey: £400-£900
- Total survey costs: £700-£1,500
Small price for peace of mind on your biggest purchase.
Help to Buy Survey Specialists
Tonbridge Surveyors regularly conduct surveys on Help to Buy and Shared Ownership properties across Kent. We understand scheme-specific considerations and provide clear advice for first-time buyers.
FAQs
No. The valuation protects the equity loan provider. Your survey protects YOU by identifying defects and issues the valuation doesn't assess.
Absolutely. New builds have defects too. A pre-completion snagging survey identifies issues while the builder must fix them. A proper survey provides long-term protection.
Conclusion
Help to Buy and Shared Ownership are excellent schemes, but professional surveys remain essential. Don't rely solely on warranties - protect your investment with independent RICS surveys. Contact Tonbridge Surveyors for expert advice on government scheme properties.