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Selling a Help to buy property with part exchange
fawkes107
Posts: 3 Newbie
I bought a house 2 years ago using the Help to Buy equity scheme, so they own 20% of the property. My partner and I are looking to sell both of our properties and buy a new build together - not using Help to Buy. My question is could we part exchange my house? I’ve seen that you cannot buy a property using Help to Buy and part exchange your old house, but can’t find any information on selling a property (bought with Help to Buy) through part exchange.
Thank you in advance!
Thank you in advance!
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Comments
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I wouldn't have thought so, part exchange properties are usually expected to be sold on very quickly & that's an unlikely scenario when only 80% of the property is owned by those proposing to part exchange & developers will not be interested in a shared ownership property.
The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
A property under the Help to Buy scheme is not shared ownership, it is shared equity. If you are going with one of the big developers part exchange schemes, you can part exchange your HTB property. It will be treated as a full redemption at the part exchange price. However, you will have to pay full market value according to a RICS surveyor to Target HCA to redeem the Equity Loan. If the market is ok near you, You might be better to ask the developer of the new build you wish to buy for an assisted move - where they help you to sell your house, and pay the fees (but do not purchase it from you) - you'll get more money than part exchange at the moment.
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Thank you both for your help, we will look into assisted move, sounds like it good be a good option.0
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Oops, I meant could be a good option0
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