Paying off the equity on our Help to buy property

TH_11_B

Hi,

We're looking at paying of the equity in our HTB property as were now paying the interest but there is a lack of information and clarity on how to go about it. I have had a number of quotes for the independent valuation ( as I believe an estate agent doesn't count) however when I speak with solicitors they seem confused and don't know what I'm talking about.

Do you need a solicitor to buy back the equity and if so can anybody recommend one that has a scooby doo what I'm talking about?

I'm also after advice on costing for the whole process if there is anybody who has gone through this before.

Thanks in advance for your help

kingstreet

You need to follow the rules laid down by the HTB Post-Sales Agent;-

http://www.myfirsthome.org.uk/

sartois

I am just starting to look into doing a similar thing.

Looks like you have to engage with an independent valuer and a solicitor (as the payment needs to go from their account) in order to pay this off. I was hoping to do this via remortgaging after my fixed term ended and before the value of my property goes up too much more but its more complicated than I envisaged. They do have a couple of independent surveyors and solicitors listed in their information pack:

http://www.myfirsthome.org.uk/MetropolitanHousing/media/General/Info%20packs/HTB-Information-Pack-Effective-15-04-16.pdf

I used New Homes Law (one of their suggestions) to buy the property in the first place and they were fine so will likely use them again.

TH_11_B

Great thanks for your help it seems that many of the solicitors that I spoke with just don't know what to do about it. I'll take a look at their panel. I've never seen that link before I must have missed it. Thanks again

Thrugelmir

Approach your lender. They'll use their own approved surveyor to conduct the valuation. As they'll have no idea that the one you appoint is actually independent and not connected with you in same way.