Hey all, just wanted to pick the forum’s brain on this topic. I bought a flat back in 2019 on help to buy and my fixed finishes in summer of 2024 in align with the help to buy 5 year period where I don’t have to pay interest on that loan
Given that I can only sell the property or pay the loan back I am thinking of selling the property and buying a house in 2024. I know it’s still further out but I wanted to start thinking about it and saving as well (I am banking on getting the deposit I put in out of the flat to help me with the house)
I was wondering if anyone here had moved on from a help to buy property and if you can give me any advice on the sale process or anything in general please
It takes a long time for the help to buy scheme to come back to you with what you owe. If I remember correctly it’s 10% of the property value or the remaining balance on your loan, whichever is greater.
It’s still nothing to be concerned about, your conveyancer will handle it all
I’ve done similar - sold a S106 notice house (very similar to help to buy, only there is no loan, the house is sold at a discounted rate and there are conditions for sale you have to be mindful of)
@Ordog is right, setting off as early as possible to get all the right paperwork and information will really help here. And find a good conveyancer that understands how to handle this properly. Don’t settle for a cheaper one who doesn’t.
You can also keep the property and the equity loan. You only pay the interest on the equity loan - there are no repayments so that gives you extra time.
I’m pretty sure you can also increase your percentage ownership ahead of selling the property, but you’ll need to get the property valued before you can purchase the remaining equity.
So the time has come and my mortgage is up for renewal in June. I am waiting on the independant surveyors result next week. They have some rules like I will need to let them know within 5 days of the date of the valuation report and so on. Do you know how long it took you for them to get back to you once they emailed you? I could not start the process any sooner because the house valuations tend to expire after 3 months
P.S - I’ve decided against selling, thinking of remortgaging and settling the loan
