HTB redemption- a week!

Doorlock21

We have exchanged and completing on 30th.

Very nervous as we now have to wait to get the help to buy redemption processed in this time.
our solicitor said she is certain it will be fine and will come back in time even though they ask for 15 days.

I am really nervous.

has anyone got theirs back quick in small timeframes?

chanz4

I would say cutting it very very fine, myn was a staight redeem and took 2 weeks+

Doorlock21

chanz4 said:

I would say cutting it very very fine, myn was a staight redeem and took 2 weeks+

Did you chase at all? Was your completion date within these 2 weeks?

chanz4

nope went over, on the phone is hell with them

Doorlock21

chanz4 said:

nope went over, on the phone is hell with them

Was this recent? 

Doorlock21

chanz4 said:

nope went over, on the phone is hell with them

Sorry do you mean you had to change your completion date because you hadn’t heard back?

chanz4

they have such huge backlogs, it will take a while not quick at all

silvercar

Your solicitors can give an undertaking with the buyer’s solicitor to ensure it happens. My son bought last August and has just received a letter from Land Registry to say that HTB has been removed from the deeds. That was his seller’s HTB as he didn’t use that scheme. Solicitors are used to handling these sort of charges, in basic terms they are just like another mortgage on the deeds that needs removing. Your solicitor wouldn’t have allowed you to exchange with that completion date if he was concerned.

Doorlock21

silvercar said:

Your solicitors can give an undertaking with the buyer’s solicitor to ensure it happens. My son bought last August and has just received a letter from Land Registry to say that HTB has been removed from the deeds. That was his seller’s HTB as he didn’t use that scheme. Solicitors are used to handling these sort of charges, in basic terms they are just like another mortgage on the deeds that needs removing. Your solicitor wouldn’t have allowed you to exchange with that completion date if he was concerned.

Thanks for your reply!
sorry bit confused. We are selling our house and paying back the HTB loan?
my solicitor doesn’t seem worried at all but I’m a worrier haha!

silvercar

Doorlock21 said:

silvercar said:

Your solicitors can give an undertaking with the buyer’s solicitor to ensure it happens. My son bought last August and has just received a letter from Land Registry to say that HTB has been removed from the deeds. That was his seller’s HTB as he didn’t use that scheme. Solicitors are used to handling these sort of charges, in basic terms they are just like another mortgage on the deeds that needs removing. Your solicitor wouldn’t have allowed you to exchange with that completion date if he was concerned.

Thanks for your reply!
sorry bit confused. We are selling our house and paying back the HTB loan?
my solicitor doesn’t seem worried at all but I’m a worrier haha!

So the sellers were doing the same as you. We all exchanged 2 days before completion, with a bank holiday in between, so no way could the HTB be sorted in that time. The sellers solicitors would have given an undertaking to our solicitors that the deeds would be passed with clear title ie the sellers solicitor would be responsible for removing all charges on the property. That would be the mortgage and the HTB loan. In effect 2 charges on the property. They don’t actually have to be done instantly. The buyers money goes to the sellers mortgage lender and the HTB company. They redeem the charges in both cases and remove the entries from the deeds held at Land Registry. The seller’s solicitors are responsible for making sure this happens, so they just give an undertaking that it will be done.

Ttbo44

Can I ask what happened in the end @Doorlock2 ? we are about to be in a similar situation! did it come back in time for you?