Help to Buy

Help to Buy services

Help to Buy: Equity Loan Scheme

In 2013, The Government created the “Help to Buy Equity Loan Scheme”. The scheme involved the government providing an additional equity loan to homeowners, alongside a mortgage, so that a lower deposit (usually 5%) could be utilised, enabling more people to get onto the property ladder.

This scheme came to an end in 2023 so whilst new owners cannot benefit from the scheme, there are many properties which still have this equitable loan charged against their property which may require redemption.

Lenvi (previously Equiniti Gateway Services) have been appointed by the Homes and communities Agency [trading as Homes England] (HE) as the equity loan administrator and deal with making changes to the loan agreement or any questions borrowers may have.

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Carly Callaghan

Legal Director, Solicitor & Head of Residential Property

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Help to Buy

Ways to Redeem Your Help to Buy Loan

As Solicitors we will assist in the process of redeeming the Help to Buy Loan. Some examples of how you could redeem your loan are below:

Remortgaging
Further Lending
A gift from family
Personal saving
Selling your property

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Help to Buy

The Help to Buy Loan Redemption Process

You will need to contact HE either by email Customerservices@myhelptobuyloan.co.uk or write to them by post at Help to Buy customer services, PO Box 5262, Lancing, BN99 9HE. You will be required to fill in some forms and pay administration fees (currently £200).

It would be at this point you should consider appointing your Solicitor so you can inform HE who will be redeeming the loan on your behalf.

You will be required to obtain a Royal institute of Chartered Surveyors (RICS) Valuation for the purpose of redeeming the loan. This will involve paying a surveyor for the valuation/survey to be carried out. You can find a surveyor in your area by searching on this website.

The valuation is only valid for 3 months and if the redemption is not completed within three months of that date, you will need to provide HE with a desktop valuation from the surveyor, re-confirming the Market Value of the property for a further 3 months. In some cases the Valuer/surveyor has the ability to extend their RICS valuation report for an extra month, provided they confirm this in writing to Home and Communities Agency/ Lenvi.

Solicitors play a crucial role in assisting clients with redeeming Help to Buy loans. We act as intermediaries between the client and HE by facilitating communication and ensuring that all necessary information /documents is exchanged promptly.

We provide legal advice on the entire redemption process, ensuring you understand your rights, obligations, and the legal implications involved. This involves drafting a legal undertaking in letter format, also known as a solicitors promise, directly to HE confirming the intended date of payment, i.e a completion date. If completion is delayed for any reason a new undertaking will need to be given. HE will then issue an Authority to complete once they are happy for completion to take place on the specified date.

On completion, we will send through the funds to HE to redeem the loan. This will need to be verified by HE to confirm it matches what was included with their Authority to complete. Once this has taken place, Homes and Communities Agency will remove the charge from your property register.

If you have a Help to Buy loan on your property and would like to discuss redemption or the loan generally in more detail, please do not hesitate to contact a member of the Residential Conveyancing Team.

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When you decide to repay your government equity loan – either through a property sale, remortgaging, or paying off the loan with personal savings – a conveyancing solicitor guides you through the formal redemption legal process. We liaise with Homes England (or Target) to request an official redemption statement, ensure an independent RICS valuation is verified, and review the redemption figures. Our team then manages the transfer of funds and arranges for the government's second charge to be officially removed from your property register at HM Land Registry upon completion.

If you own a home with a Help to Buy equity loan and wish to switch mortgage lenders, alter the loan terms, or change named owners on the title deeds (such as adding or removing a partner), formal consent from the administrator of the scheme is required. Our residential property solicitors handle the administrative and legal requirements for this process, including submitting requests for a Deed of Postponement to your secondary lender and preparing a Transfer of Title.

We ensure that your main mortgage lender and the equity loan administrator both agree to the terms so your legal documentation is handled without delays.

Staircasing allows existing Help to Buy homeowners to buy back equity in their property by paying off part or all of their government equity loan in stages. To staircase, an independent valuation by a qualified RICS surveyor must establish the current market value of your home, which determines the exact price of the equity percentage you are purchasing. Our conveyancing team assists by reviewing the valuation documents, coordinating with the scheme manager, securing necessary approvals, and updating your legal title to reflect your increased share of ownership.

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