So coming back to this screen we're going to assume everything's now been fixed. We can see the lender's details in here, how it's been updated. So hopefully now when we press the button everything should now start rolling. Please populate all the fields on the following screen with the relevant information. So what is the reference?
This is where you need your pack which is why it's helpful not to have it password protected. So we can see the reference in this pack is HE591573HSB. Each pack is going to have its own individual reference.
So please make sure that you're not using the wrong client's reference. HE591573HSB. 1573 1573 HSB Then ask me what is the HCA charge date? So the charge date on here states that it's equity mortgage dated 23rd of August 2013. You can just double check this with your register. Yeah, so we've got 23rd of August 2013. What is the date of the equity loan redemption letter?
The letter is dated 5th December 2020. Enter percentage for Homes England's equity mortgage. The equity mortgage entitles Homes England to 20% of the market value. So we know it's 20%.
What is the market value of the property? So the market value of the property shown in the RICS valuation report is £280,000 based on the market value above the repayment amount due is £56,000 excluding any areas or interest fees. This repayment amount will increase if the disposal price exceeds the market value of the RICS valuation. So we need to know how much our property is being sold for. I'm going to take a look at the latest contract because I can't get to the other screen.
So we have a signed contract from the client to say the property is 285,000. So that's the figure that we need to put in. What is the RICS valuation date?
It's the 5th of November 2020. And what is the RICS valuation? So the week's valuation says it's 280. What is the completion date? We've been informed by the client it's the 4th February.
So we know this is less than three weeks from now that we want to give HCA. I've had a conversation already with the client and informed him that he will need to chase up help to buy. And of course, if there's any delays and this does not take place, then we will, of course, need to charge for the work in duplicating the request to them. So what is the repayment sum? So if you go back to the template, your repayment sum would be a calculation of the higher figure of the market value.
So the market value we have to take is 285 rather than 280 because that's the sell price. and if we work out 20% of that we have 57,000. What are the areas? So the current monthly interest payment arrears are zero, which we'll leave.
And what are the interest payments? So we know there's a daily interest payment. of £2.38 per day.
So you will need to calculate this. So we have just worked out that we've got 894 days. from 23rd of August 2018 to the 4th of February.
If you times that by the daily rate of £2.38 it will give you a figure of £2,127.72. It's now asking you is there sufficient funds to complete. So you'll just have to check here. We know we're selling for £285. Let's check our initial redemption.
So it looks like we don't have an initial redemption on file. For the purposes of this video I'm going to continue but you want to make sure that you've got an initial redemption statement before you do this.