The nervous wait to exchange....

Associate
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17 Feb 2015
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368
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Leighton Buzzard
In the process of buying our new build with Help to buy. We plan to pay off a 10% chunk within the first 5 year and know we have to get it revalued beforehand. Does anyone know who does the valuation, can i instruct someone myself or is it someone from H2B?

With the market looking like a house price drop could happen over the next couple of years, we are thinking its worth getting it valued at less than we bought it to help reduce the cost of the 10%.

Also, if we can instruct the 'valuer' perhaps we can convince them to undervalue...
 
Soldato
Joined
9 Mar 2003
Posts
14,058
It's quite small at 3.7m x 2.2m. Maybe I'm getting worried over nothing...

You are getting worried over nothing, other than cleaning the windows and roof with a suitable brush and hose pipe there is no real maintenance as such.

As you'll likely know they are too hot on a bright summer day and too cold in the winder but they can be quite pleasant in the spring and autumn.

We technically have a 'conservatory' but its fairly large, has a pitched insulated solid roof and only 2 sides have any glass of which one is bi-fold doors down the full length. Its a completely different ball game in terms of thermal efficiency and is a nice room all year round with minimal heating costs in the winter and stays a sensible temperature in the summer. It's much closer to a single story extension/orangery than it is a 'conservatory'.
 
Soldato
Joined
20 Dec 2004
Posts
15,764
In the process of buying our new build with Help to buy. We plan to pay off a 10% chunk within the first 5 year and know we have to get it revalued beforehand. Does anyone know who does the valuation, can i instruct someone myself or is it someone from H2B?

With the market looking like a house price drop could happen over the next couple of years, we are thinking its worth getting it valued at less than we bought it to help reduce the cost of the 10%.

Also, if we can instruct the 'valuer' perhaps we can convince them to undervalue...

I'm not sure what you're trying to achieve which what sounds a lot like fraud...You're going to pay whatever you have agreed to pay for the property.
 
Associate
Joined
1 Sep 2005
Posts
724
In the process of buying our new build with Help to buy. We plan to pay off a 10% chunk within the first 5 year and know we have to get it revalued beforehand. Does anyone know who does the valuation, can i instruct someone myself or is it someone from H2B?

With the market looking like a house price drop could happen over the next couple of years, we are thinking its worth getting it valued at less than we bought it to help reduce the cost of the 10%.

Also, if we can instruct the 'valuer' perhaps we can convince them to undervalue...

You can instruct yourself. If its Target HCA, have a look at the redemption guide pdf on their site you need to fill out form B I think for redemption without sale.

It has to be a RICS surveyor and there are certain rules the surveyor has to follow for Target to accept the valuation. We did ours for our house sale and the valuation was £250 odd quid then a admin fee for any redemption process for Target was £200 quid. Be aware however they will take the house sale or valuation, whatever is the highest value, this should not be a issue for a 10% redemption amount and might be a sale thing only.

You wont be able to influence the value, they are certified by RICS and they will value it based on what they think it is worth.
 
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Soldato
Joined
27 Aug 2005
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3,610
Finally had our open day today, had 10 viewers all within a 3 hr time slot (15 mins each). Spoke to the agent before he left and he was quite confident that the property would be sold unbeknown to us both that one of the FTB viewers had already made an offer to the estate agent 45mins after there allocated time slot. Agent will catch up with all the viewers on Monday and see if there are any other offers to be put forward.

One of the annoying feedback was that the property was too small, its a 2 bed mid terrace so not quite sure exactly what they were expecting. Anyway roll on monday
 
Soldato
Joined
2 Dec 2004
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13,980
Location
Under The Desk, Wales
Finally had our open day today, had 10 viewers all within a 3 hr time slot (15 mins each). Spoke to the agent before he left and he was quite confident that the property would be sold unbeknown to us both that one of the FTB viewers had already made an offer to the estate agent 45mins after there allocated time slot. Agent will catch up with all the viewers on Monday and see if there are any other offers to be put forward.

One of the annoying feedback was that the property was too small, its a 2 bed mid terrace so not quite sure exactly what they were expecting. Anyway roll on monday

Good luck. Hope it works out for you.
 
Soldato
Joined
12 Jul 2005
Posts
3,913
In the process of buying our new build with Help to buy. We plan to pay off a 10% chunk within the first 5 year and know we have to get it revalued beforehand. Does anyone know who does the valuation, can i instruct someone myself or is it someone from H2B?

With the market looking like a house price drop could happen over the next couple of years, we are thinking its worth getting it valued at less than we bought it to help reduce the cost of the 10%.

Also, if we can instruct the 'valuer' perhaps we can convince them to undervalue...

It has to be a RICS valuer - there are plenty who offer these services. Just google Target Help to Buy Redemption Valuation. You do technically instruct them yourself as you make the booking for them to visit but as i said, they are independent RICS surveyors.

No. You cant influence the surveyor. They will value it as they see fit. That is just daft.
 
Soldato
Joined
20 Dec 2004
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15,764
Booked Monday off to try and get an idea what this stuff in the survey is going to cost to put right.

Spoke to a couple of structural engineers on Friday but they're obviously busy and CBA dealing with looking at surveys, only interested if you want an extension or major work doing.

The vendor is getting quotes as well. I feel kinda bad for them as they have a kid due in 6 weeks and want out before then. I suspect I have them over a barrel on price. Obviously want to do what's right for me but don't want to exploit the situation.
 
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Soldato
Joined
13 Aug 2004
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8,324
Location
England
We didn't think that this house would be long term, but with a loft conversion (likely roof light type) and a small kitchen extension (9sqm) it will be more long term.
Just waiting for the underwriters to finish their part so we can get some funding to progress with renovations.
 
Associate
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1 Jun 2014
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Agreed with the vendor on a contribution to fix the boundary wall, so hopefully we might have an exchange date sorted soon, that would be nice!
 
Soldato
Joined
1 Nov 2008
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4,413
Meeting with the owner at the house tomorrow to discuss some of the issues in the report. Will see how receptive they are to knocking something off for the lintel installation, roof repair and hole in the kitchen floor.

Apparently the hole in the floor was when they were hunting for a leak, but it wasn't actually under the kitchen. Someone was supposed to come fix it around when the lockdown started and the person they had booked for the job has closed up shop as a result of everything so they just didn't get around to it.

Need to find out a bit more about this leak issue and then see if we can get a bit more knocked off for the lintel installation, kitchen floor and roof I think. I don't want them doing a slap up job on the floor and roof on the cheap and calling it a day, but we'll see.
 
Soldato
Joined
14 Apr 2007
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3,388
Anything in particular to look out for when choosing a surveyor?

I know the building survey will follow a standardised format set by RICS, so as long as the firm has received good positive feedback, I'm struggling to find a reason to not go with the cheapest quote.

Ranging from £450-600.
 
Soldato
Joined
2 Dec 2004
Posts
13,980
Location
Under The Desk, Wales
Anything in particular to look out for when choosing a surveyor?

I know the building survey will follow a standardised format set by RICS, so as long as the firm has received good positive feedback, I'm struggling to find a reason to not go with the cheapest quote.

Ranging from £450-600.

Word of mouth? Ask someone who has had survey done?
 
Soldato
Joined
2 Dec 2004
Posts
13,980
Location
Under The Desk, Wales
Don't say that. Coming up to a year, although our search has changed over the year. Narrowed down the house and widened the area. They do exist but are few and far between and we've been unlucky with Scotland's blind bid system.

I know. Disheartening indeed.

In the end he has had to compromise. He accepts that the 'perfect' house is very rare!
 
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