Conveyancing Langport

If you are a First Time Buyer eligible to utilise your Help to Buy ISA  and planning to do so for purchasing a house or flat, it is important to voice your intention at the outset or as soon as possible. This will ensure that I am aware of the specific requirements and procedures associated with the scheme, and you are provided with accurate advice and guidance throughout the conveyancing process.

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Eligibility Criteria:

 

To qualify for Help to Buy ISA, you need to satisfy the following:- 

 

1. You are a First-Time Buyer who has never owned any property anywhere in the world;

 

2. You are purchasing a property worth up £250,000 outside London or £450,000 in London;

 

3. You do not have another active cash ISA in the same tax year;

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4. You opened a Help to Buy ISA before 30th November 2019;

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5. You are purchasing the property with the aid of a mortgage;

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6. You intend to live in the property.

 

If all the above criteria is met, you will be able to claim the government bonus up to £3,000 (based on 25% of your actual amount of savings). 

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You will need to close your HTB ISA account nearer to completion and obtain a closing statement from your ISA provider and provide the same to your conveyancer at least 5 working days prior to completion. I will then be able to request the bonus on your behalf. It will be paid out just prior to completion. 

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Please note If you hold both a Lifetime ISA (LISA) and a Help to Buy ISA, it is important to note that you can only utilize the government bonus from one of these accounts when purchasing your first home.

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You might also find the following link useful: 

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https://www.helptobuyportal.org.uk/

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