Help to buy redemption with Target

scaryclery

Hi, currently trying to buy a house, there are 4 in the chain and I am 3rd. Having just completed everything necessary for our sale and being desperate to complete due to the start of chain threatening to pull out, We have just been informed that our purchase property has a HTB and is still waiting for a redemption figure and then it will be a further minimum of 3 weeks after this for completion. The chain is likely to collapse. Who is responsible for instructing the vendor when to get the valuation? The chain were aware of an original target for completion of feb 26th hence why everyone else is ready. Is there a timescale for target to send the redemption figure to the solicitors? Has anyone else had these issues? The estate agent is being really unhelpful and I guess realise they have dropped the ball a bit. Can anyone help? How do we speed up the process. Who should I be complaining to? This is a big move for us, over 200 miles away with 4 young kids and an elderly parent. It’s all such a mess. Help!

Seashell517

I sent my paperwork by email to Target on Jan 4th and received a letter confirming the valuation in the post on, I think Jan 11th. The letter is dated Jan 6th. I've also just had to extend my valuation, and emailed the desktop report to target on Feb 28th and received the letter confirming they were happy with that yesterday, letter dated March 4th. 

I've also been told by the estate agents that the conveyancers can 'get around' the 3 weeks between notifying target and completion...

scaryclery

thanks, the estate agent has emailed to say that the solicitors are expecting the report tomorrow but i will believe it when i hear it. What do you mean by 'get Around'? do you think they can get it done sooner than this?

Seashell517

scaryclery said:

thanks, the estate agent has emailed to say that the solicitors are expecting the report tomorrow but i will believe it when i hear it. What do you mean by 'get Around'? do you think they can get it done sooner than this?

The valuation report or the response from Target?

I'm not sure what is going on exactly, but when I mentioned needing 15 working days between communicating with Target and completion (because that's what it says in the pack you get from Target) the estate agent said that it wasn't a problem. She's dealt with a lot of sales on the new build estate that I live on, so I imagine she knows what's she's talking about, and my solicitors are happy with 2 weeks between exchange and completion... I believe that Target say it can take 5 working days for them to give 'consent' when the solicitors inform them of a completion date though, so I doubt it can be any shorter than that time frame.