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

the_quick

We had to do valuation first before housing association allow us to sell the flat (shared ownership), valuation was £330 - cheapest after 3 quotes.We believe It was well valued. It is valid for 3 month and can be extended to 6 month for additional £25. It has to be valid on the completion date

foxtrot_mike

mjs0510 wrote: »

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.

If you have this example of the sale price being more than the valuation do you think on hindsight I would of been better to pay it off separately (if you had the funds to do this)

Guym91

Hi all is anyone involved with Target on here after a bit of advice? Our solicitor has told us about the 15 working days after sending in the undertaking for redemption of our equity loan (currently selling our property and moving to new) it states in the CIP that after 5 days target will issue the ATC my question is why can!!!8217;t we complete after 5 days and move in the new property and cut out this 15 working day period seems ridiculous 15 day wait but approved in 5?? Thanks for any response.

Vilamoura

Hi
I sent the redemption form and independent valuation form to them together with a cheque for their fees at the end of May.
I asked them to acknowledge receipt. I rang them at the end of July as not heard from them. They said they had not got my paperwork, then subsequently found it. I asked why they had not acknowledged receipt,... their reply was that I had written the cheque out to the wrong company. I checked and double checked when I did the paperwork and could not understand this. Ok just maybe I had, but their answer to the question of "why did you not let me know?, was unbelievable. They told me they just tear up cheques and that is that. Is this even legal? My valuation has now ran out, will they give me an extension does anyone know?

moneytorques

Any updates on this story?

foxsocks

Gingey789 wrote: »

Hi all,
I am hoping someone may be able to advise how they sold their property with the HTB equity loan.
I'm looking at selling, do I 1) put the flat on the market first, then when receive an offer we get the RICS valuation done? Or 2) do we get the RICs valuation done and then put it up for sale?
If we go for option 1) What happens if we put it up for sale, accept an offer, and then the RICS valuation comes in higher than the offer we accepted?
What did you guys find when you did this?

Thanks in advance! Good luck everyone, didn't realise how difficult this would be!

What did you end up doing? and how did you get on?

markin

I hope everyone thinking of using HTB if they can afford not to is reading this thread.

mjs0510 wrote: »

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

What happens when you end up selling at well below the valuation? Do you try to get a new lower valuation done quickly or end up paying out over the odds based on the higher valuation, or get stuck for years?

Hutch100uk

Gingey789 wrote: »

Hi all,
I am hoping someone may be able to advise how they sold their property with the HTB equity loan.
I'm looking at selling, do I 1) put the flat on the market first, then when receive an offer we get the RICS valuation done? Or 2) do we get the RICs valuation done and then put it up for sale?
If we go for option 1) What happens if we put it up for sale, accept an offer, and then the RICS valuation comes in higher than the offer we accepted?
What did you guys find when you did this?

Thanks in advance! Good luck everyone, didn't realise how difficult this would be!

Do NOT get a valuation until you accept an offer. Valuation are valid for 3 months but you can pay an extra fee which gives you 6 months. Sadly my first valuation ran out when my first sale fell through so I ended up paying for 2.

Most valuers know you are paying off a HTB loan so they will value your property at the sale price. If that is lower than the HTB loan, you will only pay the lower amount back.

You also have a fee of around £100-£150 to redeem the loan!

Hutch100uk

What happens when you end up selling at well below the valuation? Do you try to get a new lower valuation done quickly or end up paying out over the odds based on the higher valuation, or get stuck for years?[/QUOTE]

You sell before you get the valuation for a start! THEN you get the valuation done. They surveyor will ask what the sale price is and usually value accordingly.

This happened to me and I ended up paying back £1k less to the HTB than I borrowed.