Looking for critiques on my plan

sal_III

da_rule wrote: »

If you have the money to settle the help to buy early then I would do this. The only downside is that you’d have to pay for a RICS valuation, whereas when it’s linked to a sale they’re more likely to accept the estate agent valuation.

AFAIK you need the RICS valuation regardless, as the repayment of the equity loan is based on sale price or RICS valuation whichever is higher.

Definitely better to settle this in advance if you have the funds. There is a slight chance that the RICS valuation might be lower than the sell price, which will safe you money. In the much more likely scenario that it's higher than the eventual sale price you still have to repay based on the higher figure, so nothing to lose.

Also it will make the process much smoother and eliminate the slight risk of loosing sale to a paranoid buyer that doesn't want to deal with HTB repayment during the sale process.

sal_III

Okrib wrote: »

Penny pinching doesn't usually end well with property, either with agents or solicitors.

I don't trust valuations by online agents, they tend to be way off base, and in London the perception is that using an online agent it often indicates that the vendor might be difficult to deal with / unrealistic.

Yeah, because the "offline" EAs valuations are firmly rooted in the reality...
:rotfl:
When buying I'm the one doing the valuation, so it doesn't matter what kind of EA the vendor has used or how realistic the valuation is. In fact the more unrealistic and overpriced - the better. This will spook competitors, while allowing me to negotiation down after the property sits on the market for several weeks with 0 viewings (like the daily posts we get here).

Jane_B

you'll have to get a RICS valuation anyway to settle the help to buy.

It has been shown that prospective buyers aren't as honest when the owner is in the property/conducting the viewing however if this won't bother you too much I can't see many issues with the plan

pinkteapot

Most of their good reviews on TrustPilot have obviously been bought. They're unnaturally written, mention "Doorsteps" more often than anyone would (written with SEO in mind), and are mostly from people who have only written one review. The bad reviews look more genuine!

And their service agreement is written really badly. It barely makes sense in places.

The words 10 foot pole spring to mind.

On the other hand, £99 isn't much cash to waste if it doesn't work out as you can always switch to another online, or high street agent later.

JamesN

Thanks all, sorry for the late reply. Been floored by a nasty bout of man flu.

Interesting points. I guess I’m not nervous about the bad reviews because all I want from them is the marketing on the main sites. I’ve got a new build (3 year old) so floor plan, epc, etc are all still available.

I’m not a fan of estate agents. They’re % seems high as on the average house all they’re doing is marketing and chasing it up with conveyancers. I can spend £99 to do the former and do the latter myself. The valuation will come from a couple of sources including rics. But I’m going for above market price as I don’t mind waiting a few months to sell.

Am I right in assuming that if rics value at £350k and I settle the htb on that basis that the 70k repayment would be the end of it. Ie if I then sold the house 1 month later for £360k I wouldn’t owe them 20% of the extra 10k?

JamesN

Just bumping in case it’s missed.

JamesN

Anyone out there?