Htb redemption through selling

Arlo

I have sold my house which has a help to buy equity loan on, had the valuation done on the 9th and sent to them 10th, there timeline says 4 weeks from receiving the valuation until the solicitor is sent the redemption figure & you can exchange/complete

There is another 6 weeks after that getting the forms back but I'm told that is done once you have paid it off & completed on the sale

Has anyone been through this recently? How long did it actually take, we are hoping they do it a bit quicker than the 4 weeks?

lor42x

We are about to embark on this process! Would be interested to hear how your HTB valuation faired against EA valuation? I'm a bit worried that they go for top end of scale as that's what they take the 20% back from (if higher than sale price)

To date I haven't found the post sale HTB all that responsive but that's only been general enquiries.

oaks321

Hi,

I'm currently going through this and for me it was 4 weeks on the dot from submission of Form B and the RICS valuation to them sending redemption figure to solicitor. I get the impression they work to 4 weeks and that's that, even if they could do it sooner I don't think they do.

Our RICS valuation was exactly the same figure as our selling price, both of which were about £15k lower than what EA's initially tried to tell us we'd achieve (thankfully my wife and I are long enough in the tooth to pay little attention to EA valuations)

Arlo

Thanks, I have spoken to them and they said it the settlement will b with the solicitor on or before 7th (exactly 4 weeks)
Luckily we got our valuation in before the new company took over as they now charge £200 admin fee

Our house was valued by the rics surveyor exactly the same as the offer we have accepted, it takes no notice of any EA valuations as you only get the survey done once you have an offer.

Oaks321 - have you exchanged & completed now? Our buyers want to exchange next week and complete the week after. As long as it is past the 7th I don't think there's any problem with that as htb say all the other paperwork gets done lost completion

skimper

We went through this in March & it took a week from sending off the valuation to getting a redemption letter. Once you have the letter your free to complete.

The last part which takes 6 weeks, is done after completion. This is basically them sending a letter out to acknowledge you have paid off the help to buy loan.

Our valuation was the same as the selling price too.

oaks321

Hi Arlo,

Not exchanged yet - a few queries outstanding on the property we're purchasing. We're expecting/hoping to exchange in 2-3 weeks

As someone else said - glad we got this all kicked off before Target took over (Aug 15th) and started charging a £200 'admin' fee.

ahall3519

Arlo have you completed and exchanged now?