We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help to buy for existing homeowner
will1985
Posts: 3 Newbie
Hi all,
I'm a homeowner of two years having bought my one bed flat with help to buy in 2014.
I'm now looking to upgrade and have found a development where help to buy is available.
My current flat has been on the market for the last month and I accepted an offer today and I'm now hoping to move towards reserving the new property.
When I spoke to a person at the developer I was told, in no uncertain terms, that I would need to complete on the sale of my current flat before I would be allowed to reserve a new one - this didn't make a great deal of sense to me as it would require me to, essentially, be without a home / rent for whatever period of time it would be between completing on my current flat and the new one being ready.
It doesn't make a great deal of sense to me that the government would design a scheme whereby first time buyers could get on the ladder, only to be pushed off back into the rental market (albeit temporarily) whilst waiting to complete on an upgrade / new property. I thought, and the help to buy website would appear to indicate the same, that once an offer has been accepted and a property 'sold STC' then I, as seller / purchaser, would be free to take that info to a developer and reserve a new property (I fully understand, of course, the rule whereby you can't own two HTB properties at once and would expect, therefore, for completion to occur on my property first, followed by the new one straight after (on the same day).
Just wondered if anyone has had any similar experience with such matters / could offer any advice?
Thanks in advance!
I'm a homeowner of two years having bought my one bed flat with help to buy in 2014.
I'm now looking to upgrade and have found a development where help to buy is available.
My current flat has been on the market for the last month and I accepted an offer today and I'm now hoping to move towards reserving the new property.
When I spoke to a person at the developer I was told, in no uncertain terms, that I would need to complete on the sale of my current flat before I would be allowed to reserve a new one - this didn't make a great deal of sense to me as it would require me to, essentially, be without a home / rent for whatever period of time it would be between completing on my current flat and the new one being ready.
It doesn't make a great deal of sense to me that the government would design a scheme whereby first time buyers could get on the ladder, only to be pushed off back into the rental market (albeit temporarily) whilst waiting to complete on an upgrade / new property. I thought, and the help to buy website would appear to indicate the same, that once an offer has been accepted and a property 'sold STC' then I, as seller / purchaser, would be free to take that info to a developer and reserve a new property (I fully understand, of course, the rule whereby you can't own two HTB properties at once and would expect, therefore, for completion to occur on my property first, followed by the new one straight after (on the same day).
Just wondered if anyone has had any similar experience with such matters / could offer any advice?
Thanks in advance!
0
Comments
-
When will the new property be completed?0
-
It will be ready in December apparently0
-
Sale and purchase can take place concurrently.
You do not need to complete a sale before you can reserve but the sale must complete before or at the same time as completion of the purchase.
A developer will insist you have agreed a sale before you will be permitted to reserve.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Perfect, that's as I thought. Does sold STC count as having agreed a sale, or would I need to have exchanged? Many thanks again.0
-
You don't need to have exchanged contracts.
You simply need the sale to be progressing. You would normally exchange contracts on sale and purchase at the same time.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards