Help 2 Buy Home Improvements

Krissy1301

Hi all, new user here.
We are looking to buy a new build home (awaiting to exchange contracts) and we are using the Help 2 Buy scheme. I have read through the contracts and noted that Help 2 Buy do not allow any home improvements until the loan is repaid.
We plan on knocking through the kitchen into the garage to make a big kitchen dinner (an improvement expressly forbidden in the contracts).
My question is, has anyone done any improvements to their property and repaid the loan? We plan to repay after year 5 but are worried about what they can/will do in form of penalty? Would they penalise us? What would be the point of legal action?
My current thought is they would just make us repay the higher of the value when bought/value if no improvements made/value including improvements but would like anyone else’s experience, professional judgement or just any body’s 2ps worth.
Thanks all!

da_rule

I have never heard of them inspecting the property during the loan.

If these works devalue the property then they could instruct that the value you base your repayment on disregards the works.

Alternatively, you could just ask them for permission?

I am assuming you have also checked the situation with regards to planning permission etc as some new build sites will have had permitted development rights removed. Also, a lot of new build transfers will contain covenants preventing you from doing this kind of work (i.e. turning a garage into a habitabal room) as the developer will have planning conditions to provide X number of parking/garage spaces.

kingstreet

Here is a link to the post-sales HTB Agent's website;-

https://www.myfirsthome.org.uk/

and I would suggest contacting them for guidance.

Krissy1301

Yeah I don!!!8217;t think they inspect during tenure, the only time it gets inspected is by the surveyor when you repay the loan. Does anyone know what level of detail the report back to help to buy goes into?
From the website posted above it makes it seem detailed yet the standard price for a help to buy valuation is £200 - around the same price of a value only report suggesting it isn!!!8217;t the most detailed.
Our builders have allowed us to make the improvements and are even assisting us by moving switches etc. I!!!8217;m told that very few people who ask for permission from help to buy are granted it, it!!!8217;s typically only people with a specific need (i.e making a home wheelchair accessible etc).
Thanks for your help ladies and gents.