Help to Buy Undervalued

Crashy_Time

csgohan4 wrote: »

so your buying an overpriced property, either you give the builder an option to reduce their price or you walk and remind them other buyer's will have the same problem if they need a mortgage

Good advice.

kingstreet

LittleFawn wrote: »

It’s not a cash incentive though. It’s goods incentive.
I got a letter from the surveyor today and he says that he came to his decision for the incentive I mentioned (worth £3k of stuff), flooring incentive, bedroom upgrades, bathroom upgrades, flooring upgrades, kitchen upgrade and hallway upgrade.
I literally didn’t enter into any other upgrade. I have no idea how the bedrooms or the hallways have been upgraded becuase there is nothing in them to upgrade! Barratt didn’t do any upgrades for me becuase it was too late into the build. I have no idea how he can state this.

They use whatever is written on the "CML/UK Finance Disclosure of Incentives Form."

LittleFawn

ValiantSon wrote: »

What a load of tosh. These people clearly don't understand the DPA. Sale prices are a matter of public record. There is a delay between the sale completing and the Land Registry updating the public data, but there are no DPA issues.

That sounds reasonable to me. Barratt said they can't disclose the sold prices because their sold prices are under the DPA.
My broker told me they will have to supply that information to the surveyor if they want to prove that their flats have sold for that much.
I'm getting suspicious of them now, they seem to not know this process OR they know they are overvalued and try and sell them for the origional 145k.

kingstreet wrote: »

They use whatever is written on the "CML/UK Finance Disclosure of Incentives Form."

Thanks! I know that the CML form was given to my surveyor from the builder however I have no idea what was written on it.

Barratt don't seem to know what they are including on anything because in all of my paperwork it says that I have no upgrades, only the incentive pack.
So they've either forgotten to declare the stuff to me, or they have put the wrong details on the CML form.

Crashy_Time

Gwendo40 wrote: »

OR you ask the vendor to reduce the price accordingly.

Best advice.

sleepymans

The HTB scheme is a scheme for big developers to profiteer by adding the government top up to the already overpriced tacky boxes they try to sell unsuspecting folk.
It isn!!!8217;t to buy high priced consumer tatt that developers try to add as incentives to buy.

ValiantSon

LittleFawn wrote: »

That sounds reasonable to me. Barratt said they can't disclose the sold prices because their sold prices are under the DPA.
My broker told me they will have to supply that information to the surveyor if they want to prove that their flats have sold for that much.
I'm getting suspicious of them now, they seem to not know this process OR they know they are overvalued and try and sell them for the origional 145k.

They are clearly lying about the DPA and I'd tell them so. Make clear that you know this isn't true as sold prices are available from the Land Registry (taking a short while for the information to become available).

I don't have a lot of respect for new home builders.

Crashy_Time

sleepymans wrote: »

The HTB scheme is a scheme for big developers to profiteer by adding the government top up to the already overpriced tacky boxes they try to sell unsuspecting folk.
It isn!!!8217;t to buy high priced consumer tatt that developers try to add as incentives to buy.

Yes, it should be called HTS - Help To Sell (over-priced houses)

LittleFawn

Update:


Okay I'm going to pull out. They arn't budging on the price and they suggested that I go with their mortgage advisor so they can find me a more suitible lender. I'm done.


Do you know if they will charge me for using their services this far?
Obviously I have to pay off my solicitor now too.
Angry is an understatment.

csgohan4

LittleFawn wrote: »

Update:


Okay I'm going to pull out. They arn't budging on the price and they suggested that I go with their mortgage advisor so they can find me a more suitible lender. I'm done.


Do you know if they will charge me for using their services this far?
Obviously I have to pay off my solicitor now too.
Angry is an understatment.

You will look back in a few years in your nice house, that it was worth it , you saved thousands by not buying a overpriced house

Tiglet2

My daughter's third lender and valuation have come good finally. Whether or not being able to buy this new build with the HTB incentive and a 5% deposit makes financial sense or not, my daughter is now so excited and happy and she hasn't got to start the process again. Good luck in your new search LittleFawn! If it helps at all, TSB Bank are the ones who valued the house at the asking price unlike the previous two. Just now hoping that TSB's computer troubles don't cause any more glitches!