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HTB redemption delays
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Hi, I am not sure if you can help me but...
I used HTB loan as a first buyer in 2021, and last October I decided to pay them back with my savings. Now, I am not planning to sell the property before the HTB redemption has completed, because the redemption itself is stressful enough.
I had a RICS survey completed and started the redemption process. The redemption was 33k at the time. So my solicitor requested me to send the amount to the solicitors' firm in the mid December, and the completion date was set end of January 2025.
However, that didn't happened because the RICS survey expired on the 14/01/2025, so I got the Desktop Valuation extension. Because the value of the property has dramatically decreased from the initial valuation (from 165k to 145k), the HTB referred me to their specialist team before they can decide the new amount of the redemption.
My desktop valuation is expiring in April 2025, and HTB has no idea how long the specialist team will take before they can let my solicitor know the new amount, and my solicitor cannot proceed to the completion until the new amount has been informed.
My questions are:
How can I speed up the HTB process?
Is it safe for me to leave the money with the solicitor?
If I can't speed up the HTB process, what is going to happen after my desktop valuation expires?
Thank you
I used HTB loan as a first buyer in 2021, and last October I decided to pay them back with my savings. Now, I am not planning to sell the property before the HTB redemption has completed, because the redemption itself is stressful enough.
I had a RICS survey completed and started the redemption process. The redemption was 33k at the time. So my solicitor requested me to send the amount to the solicitors' firm in the mid December, and the completion date was set end of January 2025.
However, that didn't happened because the RICS survey expired on the 14/01/2025, so I got the Desktop Valuation extension. Because the value of the property has dramatically decreased from the initial valuation (from 165k to 145k), the HTB referred me to their specialist team before they can decide the new amount of the redemption.
My desktop valuation is expiring in April 2025, and HTB has no idea how long the specialist team will take before they can let my solicitor know the new amount, and my solicitor cannot proceed to the completion until the new amount has been informed.
My questions are:
How can I speed up the HTB process?
Is it safe for me to leave the money with the solicitor?
If I can't speed up the HTB process, what is going to happen after my desktop valuation expires?
Thank you
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