Help to Buy valuation - sold property and lost value

Thrugelmir

teachfast said:

Formal complaint

Since when did every aspect of life that people don't like have to result in a complaint? The amount of wasted time is considerable as a result. Then people wonder why nothing productive gets done. Hardly a surprise you fell out out with your solicitor. 

teachfast

Thrugelmir said:

teachfast said:

Formal complaint

Since when did every aspect of life that people don't like have to result in a complaint? The amount of wasted time is considerable as a result. Then people wonder why nothing productive gets done. Hardly a surprise you fell out out with your solicitor. 

Since so-called professionals stopped acting as such.

warwick2001

Not really sure what complaining to Target will achieve? They have (assumingly) forwarded the report onto Homes England. The drop in value was 10.8%, 0.8% above the maximum threshold. In my opinion they have acted professionally. What more can they do? Ignore the rules when dealing with taxpayers money? Cos that would end well. (Only Tory politicians are allowed to do that.....)

Surely if the OP is desperate to complain to someone, Homes England would be the organization to complain to. But again, I'm not sure what this would achieve? I'm assuming (possibly wrongly) that they are now reviewing the report Target sent them, and possibly following up on this. A property losing £30k in 3 years is pretty unusual, and given taxpayers money was used to help fund the original purchase, everyone involved should be open to further scrutiny.

davidmcn

teachfast said:

Formal complaint

About what? The OP hasn't said there's even been a delay yet, just that they're worried there might be.

nicolejryle

I'm definitely not complaining about the process, more than they are unable to share timelines and it could therefore take weeks or months. 

warwick2001

I appreciate your frustration with lack of info, but ultimately the process could (and probably will) take weeks or months. You already know this. Granted, you don't know the exact time it will take, but very probably, neither do Homes England/Target. Getting surveyors, valuation assessors etc. to do their bit is always open to flux, as they will also have workloads to juggle, and I'm pretty sure they won't just drop everything to work on your case (and I know you haven't asked them to do this, so I'm not accusing you of this).

Unfortunately, you just have to let the process happen, and it'll take as long as it'll take. When dealing with things like this, a massive amount of patience is needed, and it is more than likely you will be kept in the dark until the outcome of the investigation is reached. If you have worked with official bodies like Homes England before, you will know getting an actual deadline from them is almost unheard of (I haven't had any dealings with Homes England per se, but I have dealt with similar organizations).

Good luck with everything, and try not to get too down-hearted. It will all eventually be sorted, and you can get into your new place. You just have to let the (extremely) slow process happen, and just keep your vendors informed of the timescales as to when/if they change due to the delays caused. Hopefully they'll be understanding and not kick up a fuss.

Mizydoscape

Hi Nicole, have you got any further along with this? We are in the same situation and about to lose our buyer over it. 

In our case Target said they had sent the documents to Homes England and we would have a response in 3 days but it turned out they hadn't even sent anything and now they have they can't give us an estimate for wait time on turnaround.

I understand due diligence but we are also taking the hit on the value loss and sold for the value provided by our RICS surveyor which Target said we had to provide.

Crashy_Time

How likely is it that England will follow Scotland`s lead and scrap HTB?

nicolejryle

Mizydoscape said:

Hi Nicole, have you got any further along with this? We are in the same situation and about to lose our buyer over it. 

In our case Target said they had sent the documents to Homes England and we would have a response in 3 days but it turned out they hadn't even sent anything and now they have they can't give us an estimate for wait time on turnaround.

I understand due diligence but we are also taking the hit on the value loss and sold for the value provided by our RICS surveyor which Target said we had to provide.

We have thankfully made some progress in the last week since starting this thread. 

April 12th - sent valuation report, fee and form to Target. Called the check they had received and updated case. Target confirmed case would be sent to Homes England due to drop in value.
April 16th - called Target. Homes England had requested mortgage redemption statement and memorandum of sale. Sent this over to Target.
April 20th - called Target. Yet to send over to Homes England as they have 2-3 working day lead time. Should be sent by end of day tomorrow. 

We will then have to wait for Homes England to review and respond back to Target. Hoping this is all they require and will then approve so Target can continue with the usual process which they have said they can get done quickly (although this still includes 15 working day period before completion plus the solicitor work prior to this). We have 10 weeks tomorrow until 30th June so hoping we might just do it...

Mizydoscape

Thanks for updating. We will hopefully have a response from Homes England by the end of this week. Let's hope we still have a buyer by the end of the week!