Help to Buy Redemption Associated Fees

slipperss

Our help to buy 5 year period will arrive in 5 months. Target the company overseeing Help to Buy have sent multiple letters requesting direct debit info to pay the interest, however we have been saving and wish to pay in full.

Anyway, I have started the process but there are several unexpected costs with the process which I'm not happy about as I asked before taking out the loan whether there are any costs at the end when redeeming to which I was told that there are not.

I'd be interested in seeing what costs others have been quoted

RICS Valuation fee

I received quotes ranging from £200 inc VAT to £650 inc VAT

I went for one costing £252 inc VAT as the company seemed trustworthy and they did a good job.

Legal Conveyancing

Our redemption cost is £75,000 based on the current house value, we have received quotes between £290 - £980! I am yet to choose who to go with.

Target's own admin fee

For us this is £200, I have an email from them before I took out the loan stating that there was no admin fee at the end. Enter expletives here.

What fees has everyone else been quoted?

Viki2410

We used help to buy and were fully aware of the costs when we signed up to it. It's in the information pack you are given. What costs do you think are unexpected?

Tiglet2

You'd better hurry up and choose your legal conveyancer, so they can start work.

If you do not complete within three months of the RICS Valuation, you will have to get another one (desk top valuation), but you may be expected to pay another £200 admin fee to Target.

https://www.myfirsthome.org.uk/wp-content/uploads/2016/12/CUSTINFO-Approved-29Nov2016.pdf

bexybest

All those costs are expected and are fully documented in the paperwork - which is also available online.

I redeemed my HTB with a sale and my costs were:

• £240 RICS Valuation
• £200 Target Charge
• £480 Solicitor fees but this was all-in for my sale

Timings are tight because the RICS valuation only lasts for 3 months - if you require a desktop validation after this time then expect more surveyor fees. The legal side is a bit of a paper overload, but the process is very clear in the documentation.

slipperss

Thanks for the info bexybest, it's good to know that the figures quoted are in a rough ballpark. The sheer differences in the costs from different companies is never a good sign. It's just a process to go through, I'll go with the solicitor who gives me the most confidence.