Help to buy CTD Confirmation to developer

mylocrisis

Does anyone happen to know if a developer will complete with just the CTD; which basically confirms that the funds have been approved or do they need the HTB to transfer the funds on the same day as the completion?  
I have the CTD and completion date but there are is less than a week between the CTD being approved and the completion date. - The mortgage money should come through fine (Santander).
Any knowledge of this would be appreciated.

kingstreet

Only your developer can answer that. I've known one of ours accept the money was on the way and permitted completion without it but couldn't possibly speak for the whole newbuild sector.

daem

well ours did not which is super upsetting. Set the completion date to 30th June, mortgage and CTD would have been OK. And they decided they wont let us complete regardless of CTD and pushed the completion date 2 weeks as they stated funds need to clear on their account..

They basically made us throw out £12500 through the window as falling out of STLD holiday..
Help to buy agent told me on the phone I should take it up with Homes England as they are not following HTB rules and if they dont follow the rules they should not been allowed to be part of the scheme.. The very puropse of CTD is to allow parties to complete..

daem

@mylocrisis
out of curiousity how did you manage to get Help to Buy with an existing French mortgage? as we were advised we can not take an other one till we have HTB.. and we are planning to buy in France as well.. but have to pay off the equity loan first..

mylocrisis

daem said:

@mylocrisis
out of curiousity how did you manage to get Help to Buy with an existing French mortgage? as we were advised we can not take an other one till we have HTB.. and we are planning to buy in France as well.. but have to pay off the equity loan first..

I didn't actualy purchase in France in the end (more of a hypothetical), I was in th eprocess of buying at the time as it was cheaper over there at the time.  

daem

mylocrisis said:

I didn't actualy purchase in France in the end (more of a hypothetical), I was in th eprocess of buying at the time as it was cheaper over there at the time.  

ah makes sense.. so same boat as us  

mylocrisis

daem said:

well ours did not which is super upsetting. Set the completion date to 30th June, mortgage and CTD would have been OK. And they decided they wont let us complete regardless of CTD and pushed the completion date 2 weeks as they stated funds need to clear on their account..

They basically made us throw out £12500 through the window as falling out of STLD holiday..
Help to buy agent told me on the phone I should take it up with Homes England as they are not following HTB rules and if they dont follow the rules they should not been allowed to be part of the scheme.. The very puropse of CTD is to allow parties to complete..

Thanks for this.  I am very nervous about this too, I am supposed to complete Monday and will hopefully ahve the CTD, Its taken a week of back and forth with amendments,so should have that but I doubt the cash will transfer in time.  I have heard mixed reponses on allowing just the CTD or not; it gurentees the money is on its way so I don'tunderstand why a developer will have a problem, but you never know!  Same Issue as me 12.5k stamp bill if there is a delay given the tapering of of the SDLT tax.

daem

yeah to actually receive the cleared funds from HTB takes 8-12 (but more likely 12) WORKING days.. so we've def. missed it. Hope you'll have better luck.. or at least the developer will make more sense... ours were worried that HTB can 'revesre the transfer' so they wont trust the transaction confirmation.. ridiculous..

daem

after CTD its not a case of "if" but "when"..