Help to Buy ISA
– In case you don’t know, this is a savings platform set up for home buyers and backed by the Government. Whilst we are not involved in setting these up for clients, we are very much an active part of the process when it comes to the draw-down of funds to enable the purchase to complete!
Here, we reply to the five most commonly encountered questions about the Help to Buy ISA during a property transaction. We’ve tried to keep it brief and straight to the point.
5 Common questions from first time buyers
- When do I close the account? – No later than 7 days before your date of entry.
- What happens to the money in the account? – The balance in your ISA account will go into your current account.
- Well, what happens to the bonus? – The bonus will be sent directly to your solicitor on the date of entry.
- What documents does my solicitor need? – Your solicitor will need a signed First Time Buyer Declaration and the closing account statement to request the bonus.
- What happens if I am too late to close the account? – Unfortunately, if the bonus cannot be released on the date of entry, you lose out on it. Don’t leave it until it’s too late!
The Help to Buy ISA scheme is now closed to new applicants, but for those who have already opened an account, you can continue paying into it until November 2029. For more information, please visit https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/
If you’d like more information on this subject or our assistance with a property matter, you can call us directly on 0141 483 4450 or contact us through our website www.delaneygraham.co.uk.
Delaney Graham is a firm of solicitors based in Glasgow. Between our partners, we have over 28 years experience dealing with property in Scotland. Delaney Graham does not offer financial advice.