People who have sold a 'Help to Buy'...

El_W

After a bit of help..

My solicitors have dumped this on me right before we are about to exchange contracts;

They've told me I need to get an independent valuer to come and value my property(RIC registered). This information then needs to be passed on to 'Target' (HTB company) who I will be requiring my redemption figures off. This then needs to be handed over to the solicitors.

Is this process as long and as daunting as it sounds? How much am I looking at paying for someone to come and value the flat? Apparently I've already got to pay a £200 fee to Target for releasing the figures, more money I really haven't got.

Need a little bit of reassurance if poss, making myself bad from all this.

tlc678910

Hi,
Check out the help to buy "customer information pack"
http://www.myfirsthome.org.uk/wp-content/uploads/2016/12/CUSTINFO-Approved-29Nov2016.pdf under "valuation requirements"

If that link doesn't work the document links from this page

http://www.myfirsthome.org.uk/iwantto/view-information-pack/

The valuation has to meet the criteria described to be valid.

Tlc

alex_163163

So as well as the £200 target fee, I also had to pay £220 for the RICS valuer to come and write a report.

In terms of timescales - valuer came out and produced a report within the week.
Sent it to target hca- this can take the time! Could take up to 2 weeks for them to process it. Then they have to send the redemption statement. And I think they then need 5 working days notice of completion one everything is all in place. Will probably add 3 weeks on at least.

El_W

alex_163163 wrote: »

So as well as the £200 target fee, I also had to pay £220 for the RICS valuer to come and write a report.

In terms of timescales - valuer came out and produced a report within the week.
Sent it to target hca- this can take the time! Could take up to 2 weeks for them to process it. Then they have to send the redemption statement. And I think they then need 5 working days notice of completion one everything is all in place. Will probably add 3 weeks on at least.

Christ. :mad:

Where did you find your valuer?

alex_163163

I went on the RICS website and I think there is a search tool by area.

kingstreet

El_W wrote: »

My solicitors have dumped this on me right before we are about to exchange contracts;

They've told me I need to get an independent valuer to come and value my property(RIC registered). This information then needs to be passed on to 'Target' (HTB company) who I will be requiring my redemption figures off. This then needs to be handed over to the solicitors.

I did cover this for you in your first post;-

https://forums.moneysavingexpert.com/discussion/5587179

kingstreet wrote: »

You need to contact Target and you will be expected to pay for a valuation by an RICS surveyor.

What you pay back will be based on the higher of this valuation and your sale price.

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

El_W

alex_163163 wrote: »

I went on the RICS website and I think there is a search tool by area.

Thanks for your help!

kingstreet wrote: »

I did cover this for you in your first post;-

https://forums.moneysavingexpert.com/discussion/5587179

Well spotted. I naively assumed my solicitors were sorting this out for me as I heard nothing. My bad. Called somebody this morning to come over next week. Thanks for your help.

foxtrot_mike

I have just made a similar new thread here

My property is currently on sale but im wondering now whether to start the proceedings now for getting the Equity loan paid off and out of the way.

I was thinking of appointing two valuers and take the lowest one to HCA but its not clear whether the valuer has to send them off themselves in this instance and also whether they take into account any Market prices in their valuations.

https://forums.moneysavingexpert.com/discussion/5794859

alex_163163

Foxtrot mike - have you looked at the guidance for valuations on the myfirsthome.org website. It sets out what the report needs to contains - inc comparison values to nearby recently sold properties.
The surveyor will send the report directly to you and you are responsible for sending it to target hca.
But be aware- the valuation is only valid for 3 months in hca eyes.
If your house is for sale now I don!!!8217;t really understand the benefit of paying off the equity loan in advance. You!!!8217;ll just end up paying 2 lots of conveyencing fees as a solicitor needs to be involved in paying off the equity loan.

spriggsy

I've sought advice on this as ours is a help to buy and currently on the market. The valuation only last a certain amount of time (3 months I believe) and you're supposed to let them know once you've accepted an offer. However, I've been advised I could leave it a little longer (especially if the sale takes a while to go through) but just to make sure it's done in god time rather than at the last minute.

mjs0510

We've just done this and I found the valuer to be VERY fair / common sense with the valuation although you will pay on sale price or valuation whichever is higher. Unfortunately we sold for #30k more than the RCIS valuation

They will send the report directly, no need to have two valuations it will probably confuse things.

The longest part of the process was getting Target to issue the completion statement.

We made sure that we used a valuer that specialised in HTB valuations so knew how to set the report out to their requirements.

I would say overall there wasn't much change from #500 for the whole process - you conveyancing fees may also increase due to them dealing with the second charge