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Difference in sale value and HTB redemption value
justcat01
Posts: 114 Forumite
My husband and I bought a new build home in 2015. We've been paying interest for the last year. Due to a insurance pay out, we're now in a position to pay this off in full.
We've submitted everything and have received our authority to complete and will do so at the end of this month.
However, our house is also up for sale now at more than the RICS valuer valued it at for HTB. It's likely that it will sell for this higher price and stay that way through to completion.
My question is - will HTB have any claim on the extra amount if it does sell for more after we've completed on our HTB redemption? I'm thinking it won't as there will no longer be a charge for them on the property, but I'd love to know if anyone has a more informed opinion.
Thanks in advance!
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Comments
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If you do your HTB redemption first before you complete on the sale and the RICS valuation report and redemption certificate is still valid (I think they last 3 months) then you won't have to pay any extra to HTB when you sell.
If you redeem HTB at the time of sale completion then you will be liable for the higher of either the valuation or sale price.
Is your HTB administered by Target?2 -
Target won't know what you sell for if you redeem prior to the sale.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.3
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Thanks, this is what I was thinking. We've only got viewings on our property tomorrow (although expecting offers) and we still need to find a place so there's no risk of us redeeming at the same time.Mizydoscape said:If you do your HTB redemption first before you complete on the sale and the RICS valuation report and redemption certificate is still valid (I think they last 3 months) then you won't have to pay any extra to HTB when you sell.
If you redeem HTB at the time of sale completion then you will be liable for the higher of either the valuation or sale price.
Is your HTB administered by Target?
Yes, Target administer ours.kingstreet said:Target won't know what you sell for if you redeem prior to the sale.
That is good to hear! Thanks kingstreet!0
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