Property valuation

For all redemptions you will need an up-to-date property valuation as the FHS equity facility is linked to the market value of your home.

Property valuations are ordered and paid for by the customer and carried out by an independent, FHS approved, valuer.

For full or partial redemptions after 6 months of drawdown, an updated valuation is required for redemption calculations.

In the case of Self-builds, an updated valuation is required if you are redeeming your equity share more than 24 months post FHS Equity drawdown (subject to the self-build being complete). You can order a property valuation for a Self-build by contacting us through the FHS Customer Portal or by calling us on 0818 275 662.

For all other redemptions, you can order a property valuation by clicking on the link in the Redemption Request form which will direct you to the FHS approved valuer’s portal. You will need to pay a fee for the valuation. The valuation will remain valid for 12 months from the date set out on the valuation. The valuation report will be provided to the FHS, and a copy provided directly to you.

Please see the Homebuyers Guide under Guides / Resources to see some examples where property prices have increased or decreased and the impact this has on redeeming / buying back the equity share.

Material alterations

Material alterations are defined as any works which add additional living accommodation to the property, adapt the property to provide for access and use by a person with a disability, or upgrade the Building Energy Rating (‘BER’) of the property by two or more BER Ratings.

Material alterations include:

• Any works to the property that require planning permission
• The addition of an extension or conservatory, which creates additional living accommodation
• The conversion of an attic space, garage, or basement, which creates additional living accommodation
• Changes to the property layout, where the interior is adapted to provide for access and use by a person with a disability, including:
  • Creating a ramp or widening doorways
  • Installation of specially adapted kitchen units and worktops
  • Installation of specially adapted bathrooms
• Works carried out to upgrade the Building Energy Rating (BER), resulting in the BER rating of the property improving by two or more BER ratings

Any other changes to your property are not classed as material alterations by the FHS.
You don’t need to inform the FHS when you’re making material alterations to your property, but you do need to inform the FHS of any material alterations when you wish to make a redemption.

When valuing your home for the purpose of fully or partially redeeming the equity share, any increase in the property value due to material alterations will not be included in the valuation used in the redemption calculation.

We recommend keeping detailed records of all works completed, including plans, planning permission and costs. These records may be used to support the valuation when you partially or fully redeem the share.

Disputed valuation

Valuations cannot be disputed after a redemption payment has been made using that valuation amount.

If you disagree with a valuation:

If you receive a valuation from a FHS approved valuer and disagree with the valuation amount, you are entitled, within 21 days of receiving the valuation, to seek a new valuation.

The outcome of the second valuation supersedes the first valuation and the cost of the second valuation will be split equally between you and the FHS.

If you disagree with the second valuation amount, you can request an expert review, the outcome of which will be binding on both parties. The costs of the review will be equally shared between you and the FHS.

If the FHS disagrees with a valuation:

The FHS can disagree with the valuation amount from a FHS approved valuer and seek a second valuation, the outcome of which supersedes the first valuation. In this case, the FHS will pay the cost of the second valuation.

The FHS can also disagree with a second valuation amount and initiate an expert review, the outcome of which will be binding on both parties. The FHS will pay the cost of the expert review in these circumstances.