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selling a house that you bought with help to buy

(8 Posts)
hes22youknow Wed 01-Mar-17 16:34:04

Hi I'm wondering if anyone has ever sold a house they bought initially through the help to buy scheme?
Dh and I bought a house 3 years ago using the 20% from the government backed scheme and we put down a 5% deposit.
However our circumstances have changed massively and we think we may need to sell and move/downsize or rent

From what I can gather online do I need to get my house evaluated with a RICS surveyor and then sell it for what that survey said my house is worth or more. And pay them back whatever is highest?

What if my house doesn't sell for the RICS evaluation but sells for less?
Any advice/help gratefully received thank you

hes22youknow Wed 01-Mar-17 17:46:02

Hopeful bump!

SheDancesOnTheSand Wed 01-Mar-17 17:58:16

Hello hes22

I sold my house that I had bought with Help To Buy about a year ago... You do need to go through RICS. If I am right in thinking you cannot sell for less than you paid for it without permission as you would be short changing the other owner so to speak. The repayment of the 20% is of the amount you sell it for rather than the original amount.

Hope that helps?

hes22youknow Wed 01-Mar-17 18:57:10

That's great thanks so I bought my house for 152000 I should get that or more and then payback 20%of whatever the sale price is? Thank you smile

SheDancesOnTheSand Wed 01-Mar-17 19:34:36

Yes that's right. Also check you don't have to pay an early repayment fee for the mortgage with the bank, we got stung by that one!

hes22youknow Wed 01-Mar-17 20:12:20

Ah good one thank you smile

Jcee Wed 01-Mar-17 21:44:22

Info on selling and redeeming your equity loan is here: www.myfirsthome.org.uk

hes22youknow Wed 01-Mar-17 22:11:45

Thanks jcee that's really helpful

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