Help to buy ISA- any conveyancers?

[princessgem]

Hi

Just wondering if anyone knows how the bonus is claimed- does this need to be claimed before completion? I was under the impression I had up to twelve months to claim the bonus back however my conveyancer has pushed our completion date back by a week and blamed it on the ISA money being claimed.

They have given us the run around enough just wanting to make sure what she's saying adds up!

[axxxl]

We closed our Help to Buy ISAs around a month before our expected completion date. All we did was send the closing statements to our solicitors and when we got our final statement (deposit, solicitors fees etc) the bonus came off of that. Hope this helps.

[LunaNyteskye]

I do conveyancing at my work - I'm actually in the process of lodging a bonus request today.

We have to complete bonus requests at least 5 days before planned completion. We have to upload the ISA Account closing statement and a signed First Time Buyers Declaration at the time of submitting.

[princessgem]

Good I just wanted to make sure she was right as half the other things they have told me have been wrong! Thank you

[LunaNyteskye]

Originally Posted by princessgem

Good I just wanted to make sure she was right as half the other things they have told me have been wrong! Thank you

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No worries! Good luck in your new home!

[wdw1991]

Sorry to butt in. We are in the process of buying a shared ownership property and the ISA is stressing me out. So many different answers on the question - can the bonus be used as part of the deposit? And also if buying shared ownership you are only entitled to the bonus if the WHOLE price of property is under £250k not just your share?

Can anyone clarify this if they have had experience?

[axxxl]

Originally Posted by wdw1991

Sorry to butt in. We are in the process of buying a shared ownership property and the ISA is stressing me out. So many different answers on the question - can the bonus be used as part of the deposit? And also if buying shared ownership you are only entitled to the bonus if the WHOLE price of property is under £250k not just your share?

Can anyone clarify this if they have had experience?

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I don't know about your shared ownership part of the question but when we bought our new build we paid 5% deposit at exchange of contracts. We needed to pay 10% for our mortgage but the builder was happy to accept 5% at the time of exchanging contracts, and 5% on completion.

If it helps, here's what our completion statement looked like:-

[princessgem]

Ours is shared ownership too and my understanding was that your share needs to be under 250k... otherwise we wouldn't be able to claim our bonus so I hope that is right!

[wdw1991]

Originally Posted by princessgem

Ours is shared ownership too and my understanding was that your share needs to be under 250k... otherwise we wouldn't be able to claim our bonus so I hope that is right!

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This is what one solicitor has said but if you look on here it states total value;
moneysavingexpert/sav...elp-to-buy-ISA

I phoned nationwide also, that's who ours is with and they also confirmed it. I'm trying to make sure I get the correct answer before we instruct our solicitor as most charge for dealing with the isa!

[princessgem]

Originally Posted by wdw1991

This is what one solicitor has said but if you look on here it states total value;
moneysavingexpert/sav...elp-to-buy-ISA

I phoned nationwide also, that's who ours is with and they also confirmed it. I'm trying to make sure I get the correct answer before we instruct our solicitor as most charge for dealing with the isa!

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I'm worried now! We have been charged £50 for them to claim it so if it turns out we aren't eligible I will not be happy!