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Property/DIY

Late minute help to buy redemption

12 replies

Harveybelle · 15/09/2020 18:48

Hey!

So we were hoping to exchange and complete on our house move this week.
But yesterday our solicitor realised she hadn't informed us or checked if we had redeemed our help to buy from this sale.

Short of it is - she said all could still go ahead this week (we had to have a valuation, fill a form and pay admin, which we sent today) but I've heard this process can take a while with Target Help to Buy.

Our mortgage funds are being released ready so all is in place but I wondered if anyone else had experienced their solicitor acting on a quick turnaround? Can this be done?
She said that she can chase them and to hold fire as still can happen but I'm feeling negative.

So stressed!! Especially as we weren't informed of this ever and it's not our faults!

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SunshineAndSand20 · 15/09/2020 20:32

I'm in the process of redeeming and had to get an independent valuation from an RCIS surveyor to start this all off. It was my responsibility to sort all this for the solicitor and I believe all is in place now but they did take 2 weeks to turn it around. I had to chase to see what was happening and they said they hadn't realised I'd paid so hadn't reviewed the documents so I'd recommend calling to say you've paid and to check they have everything they need in the morning!! Fingers crossed they turn it around quick for you

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Jujuball · 15/09/2020 20:47

Hi,

I'm a conveyancing solicitor. I'd be shocked if it got sorted in time to complete this week to be really honest with you. HTB need to send their "pack" to your solicitor now that you've paid the fee and had the valuation, and once that arrives your solicitor needs to send a request for authority to redeem the loan on a specific day to HTB. They can't complete without that authority. It may be different in different areas but where I am it would probably take at least a week for the initial pack and at least a coupl of days for the authority after it's been requested.

All in all I really can't see how your solicitor expects to realistically have all that done in the next 2 days? Unless HTB in your area are maybe a lot better than in mine!

Sorry to be the bearer of bad news but I always think it's best to be realistic! I hope it gets sorted quickly for you

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Harveybelle · 15/09/2020 21:15

Thank you for replies.
I don't see how it will happen sooner than at least a week either.

Our buyers should be happy to wait, our sellers are buying new build so we've had to wait for their ATC which is here now.
Just hope it doesn't hold the process up too long.

I'm not enjoying being the middle of the chain!

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Harveybelle · 15/09/2020 21:19

@SunshineAndSand20 yes, we didn't know that was the process as we were not told years ago when we bought our first home.
I'd of thought our solicitor would have checked this was all in place and not wait until the day we should have exchanged to ask where the paperwork was!

Nightmare x

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SunshineAndSand20 · 15/09/2020 21:26

I think I was lucky as I knew others who had been through the process so asked them what I needed to do. Good luck getting it sorted!

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Harveybelle · 15/09/2020 21:44

@Jujuball as a conveyancer can you urgently rush these things through? Ours said she can chase and request as urgent?

Again not hopeful but he good to have your opinion.

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Jujuball · 15/09/2020 21:49

@Harveybelle you can certainly chase things as a solicitor but there's no guarantee it makes them go any faster unfortunately! Same with mortgage lenders etc. Hopefully yours will have some luck getting it quickly for you.

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Harveybelle · 19/09/2020 12:18

@Jujuball Hello - can I ask your advice again? We have today received our redemption report from help to buy so hoping our solicitor will also have theirs by Monday too.

It says we'll need the ATC which will take up to 5 working days but our buyers are putting pressure on to complete this coming Friday.

Can a solicitor now rush through the ATC from help to buy?

Many thanks!

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notheragain4 · 19/09/2020 12:39

@Harveybelle our ATC ran out and took 3-4 working days I believe (she requested it on a weds I think). It came on the Monday, we exchanged on the Wednesday and completed on the Friday (for our sale anyway, house wasn't ready).

How much of a gap do you both require between exchange and completion?

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Harveybelle · 19/09/2020 12:47

@notheragain4 Ah so it was pretty fast turnaround then...
to be honest we've had so many dates thrown to us we're ready to go! So I don't think we'd mind if it was a day between exchange and completion!!

Hoping our buyers are bluffing in the sense that they just want it done (as do we)... and they'll be happy just to exchange this week.

It's horrible being in the middle of a chain!! X

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Jujuball · 19/09/2020 13:20

@Harveybelle I would say you'll probably get it for Friday if your solicitor phoned them to chase good luck with the move!

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Harveybelle · 19/09/2020 13:34

@Jujuball ooh hopefully then! Thank you.
It's just threw us about the solicitor needing to give 'at least 15 days undertaking' and within 5 days for the ATC!
Fingers crossed!