What is a Help to Buy ISA?
Posted on 25th March 2019
MG Legal, Solicitors in Lancaster know that Buying your first home can be one of the most stressful times in anyone’s life!
So, let us help by answering one or two of the most commonly asked questions about the Help to Buy ISA:
Can I still open a Help to Buy ISA?
Yes – but be quick! The deadline is the 30 November 2019! On the plus side you can carry on saving in the account until the 30 November 2029 but you must use the bonus by the 1st December 2030.
What kind of property I buy with my Help to Buy bonus?
- A Property in the UK
- A property which is valued at less than £250,000.00 or less that £450,000.00 if you live in London
- A property where you intend to live
- A property you are purchasing with a mortgage
When should I tell my Property Solicitor about my Help to Buy Bonus?
Once you have found a property to purchase and your offer has been accepted you should return your Help to Buy ISA details to your Solicitor or Conveyancer when you are returning you Client Care documents.
Can I use the bonus as my deposit?
No! You cannot use the money towards your deposit. The bonus can only be requested after exchange has taken place and to exchange contracts you need the deposit.
When do I get the money?
The ISA funds and your bonus will be sent direct to your Solicitors. If you have instructed MG Legal, Solicitors in Lancaster, we will request the funds on your behalf. The funds will then be sent to us in time for completion. The funds will never go into your account.
What other initiatives can I use?
You can use your Help to Buy ISA alongside other government schemes such as Help to Buy: Equity Loan Scheme and Shared Ownership.
How much do I need to have saved in the ISA?
You must save at least £1,600.00 before you can claim any bonus.
What will my bonus be?
Follow this link which leads you to a handy calculator to work out how much you need to save to claim your bonus.
Tagged as: Conveyancing, Conveyancing Solicitors Lancaster, Conveyancing Solicitors Preston, First Time Buyers, Garstang Solicitors, Lancaster Law, Longridge, Preston Property Law, Your Local Solicitors
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