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Help to Buy valuation - sold property and lost value
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nicolejryle
Posts: 20 Forumite
We've sold our Help to Buy property 3 years after buying it and borrowing 20% from the government. We bought our flat for £282,500 and have sold for £252,500. We have had a Help to Buy RICS valuation carried out who valued it at £252,500. I have since sent this report to Target and paid the admin fee and completed the form. I called them as a follow up and they've said they need to forward our case to Homes England as the property has sold for over 10% less than it was purchased for and they will need to check it. They said they can't share any timescales for this process and we will have to wait. Has anyone been through this and can share any tips? We have also now had an offer accepted on the house we would like to move to and are worried this is going to delay us. Anyone had anything similar?
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Your sale price matches the valuation - and if the threshold for questioning is 10%, then you've dropped 10.8%...1
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Yes so they've said that as it is over the 10% that it needs to go to Homes England to review and they may wish to send out their own surveyor to value to property to work out why it has dropped by that amount. But in the report it includes local properties which have sold for less than ours so not sure what they want to check/review? Any thoughts?
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I guess just a sanity check that there was nothing odd about the original price or the current valuation, I wouldn't worry about it unduly.1
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Thanks - really appreciate it. Target said there was no way of escalating or chasing the process - no timelines they could share. Have you had experience of this? Should I try to contact Homes England? We are more concerned about it delaying our sale and purchase.0
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Formal complaint0
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I should complain to Target?
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Yes. Will sharpen their minds.0
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And say it is only 0.8% out?0
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So I've called Target and they said there is nothing they can do - Homes England are really strict if it is over 10% and it most go to them to review. Any advice on how to get through to Homes England legal team!?0
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As taxpayer money is involved. No doubt there'll wish to check that the transaction is being conducted at arms length.2
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