Help to buy home improvements

ch7091

I have recently bought a house using a help to buy equity loan. I have just inherited some money and would like to build a small conservatory. I know home improvements are not allowed without permission, but does anyone have any idea how likely it is we would be given permission?

sophscottx

Oh really? I wasn't aware you weren't allowed to make changes when you have an equity loan! I thought this was just using the help to buy share option!

Be interested to hear other experiences..

ch7091

It's so annoying! We definitely couldn't afford a bigger house but could scrape together enough for a small conservatory to increase our living space. I have emailed the agent, but haven;t had a response......

Pixie5740

From the HTB website:

"Can I extend or alter the property?
Not without permission. Because Help to Buy is designed to help people move on to or up the housing ladder, you should consider repaying part or all of the Homes and Communities Agency’s contribution before making plans for improvements or alterations. This is because the Agency is seeking to help future aspiring buyers and may use the proceeds of these repayments to make more assistance available. Therefore, consent will not usually be granted for significant home improvements. The Post Sales Help to Buy Agent will act reasonably in considering any application and will review cases of hardship if, for example, property modifications are required for a disability.

When your property is sold in the future, if improvements have been made with the approval of the Post Sales Help to Buy Agent, these will be ignored when your property is valued to work out how much should be repaid to the Agency."

- See more at: https://www.helptobuy.gov.uk/equity-loan/faq/

ch7091

Yes, I have already seen this. I wonder if a 4m by 3 m conservatory would count as a significant home improvement?!

Arlo

I am in the process of selling my help to buy house and paying off the loan, I always thought you could alter them but you pay a fee & the alterations are not taken into consideration when you sell / pay off your loan but it doesn't seem that way

I have had to pay £280 for a special valuation to be carried out then it has to be approved, settlement figures sent to our solicitor before we can complete on our sale

Have a look at this website, it has all the relevant info on it
im a new user so can't post a link but it's myfirsthome.org.uk

It tells u all the steps, process admin charges etc