Help to Buy / Target

Cheillie2020

Hi, 
im currently purchasing a house of which the seller had used the help to buy / target scheme to buy originally. 

My question is, her solicitor is saying that Target need 15 days notice and a “set in stone” completion date. Meaning if the solicitor informs Target on the 1st June, we wouldn’t be able to complete until 15 working days after that. 

I’ve heard conflicting things with this 15 days rule, just wondering what other people’s experience of this is. And why do they actually need the time if so? 

What is the solicitor required to give Target? 

Thanks in advance. 

firsttimesellerldn

Cheillie2020 said:

Hi, 
im currently purchasing a house of which the seller had used the help to buy / target scheme to buy originally. 

My question is, her solicitor is saying that Target need 15 days notice and a “set in stone” completion date. Meaning if the solicitor informs Target on the 1st June, we wouldn’t be able to complete until 15 working days after that. 

I’ve heard conflicting things with this 15 days rule, just wondering what other people’s experience of this is. And why do they actually need the time if so? 

What is the solicitor required to give Target? 

Thanks in advance. 

This is from the Target customer information park on redeeming loans:

 At least 15 working days prior to the expected completion date, your solicitor must provide a legal undertaking to us by email.

If the completion date stated on the legal undertaking does not take place and is delayed by more than one week a new solicitor undertaking is required and new redemption figure confirmed.

I’m selling a flat where I have to repay a help to buy loan and my solicitor has told me that Target can sometimes be flexible on the 15 days requirement, but as we’re not ready to exchange yet I don’t know whether they will be in practice. You can only ask. I’m sure the buyer is as annoyed as you by it. I certainly am. 

Cheillie2020

firsttimesellerldn said:

Cheillie2020 said:

Hi, 
im currently purchasing a house of which the seller had used the help to buy / target scheme to buy originally. 

My question is, her solicitor is saying that Target need 15 days notice and a “set in stone” completion date. Meaning if the solicitor informs Target on the 1st June, we wouldn’t be able to complete until 15 working days after that. 

I’ve heard conflicting things with this 15 days rule, just wondering what other people’s experience of this is. And why do they actually need the time if so? 

What is the solicitor required to give Target? 

Thanks in advance. 

This is from the Target customer information park on redeeming loans:

 At least 15 working days prior to the expected completion date, your solicitor must provide a legal undertaking to us by email.

If the completion date stated on the legal undertaking does not take place and is delayed by more than one week a new solicitor undertaking is required and new redemption figure confirmed.

I’m selling a flat where I have to repay a help to buy loan and my solicitor has told me that Target can sometimes be flexible on the 15 days requirement, but as we’re not ready to exchange yet I don’t know whether they will be in practice. You can only ask. I’m sure the buyer is as annoyed as you by it. I certainly am. 

redemption figure - is this something the solicitor needs to get from their lender? When would they usually request this and does it take long to get? 

firsttimesellerldn

https://www.myfirsthome.org.uk/wp-content/uploads/2016/05/CUSTINFO-Approved-04May2018.pdf

Full details in there.