Help to Buy - when to pay reservation fee?

kamb1ng

kingstreet wrote: »

TBH we do a lot of work for builders and our advice and service is exactly the same as for those who come directly to us. All the builder wants is a broker who will get the job done quickly and efficiently and enable them to get contracts exchanged so they can get on with the actual building and fitting out to buyer's spec.

Same with solicitors. They usually have a panel of three or four they recommend who act for potential purchasers, while they have a single firm which always acts for them.

We are given a copy of the reservation form, so normally, by the time we get involved the deal has already been done between builder and buyer and we have no involvement in the negotiation process.

I understand the reasons why many advocate an arms-length approach, but from our point of view we advocate as much for the buyer with the builder when there are problems, as we do for the builder when it's the other way round.

Yes, Bloor has their own solicitor and they showed me a choice of two that are in Cambridge.

They want to complete by 28th June because it's their end of year and therefore want efficiency from mortgage broker and solicitor, which kinda makes sense.

kingstreet

kamb1ng wrote: »

Thanks, Kingstreet. One more question for you. With HTB, can I take a mortgage for longer than 25 years? Thanks!

The calculator is based on a 25 year term, but I've been told you may get a longer term accepted as long as the calculator doesn't depend on the longer term. Speak to HCA HomeBuy Agent for confirmation.

Mr._Pricklepants

thedalmeny wrote: »

You're not interested in debate.

You're only interested in jumping on any thread related to new build houses or government backed lending schemes to voice your negative views, often your posts are filled with inaccuracies or warped generalizations. It's like watching the village idiot wonder around bashing his head against a can repeating the same words over and over.

Not only this, half the forum seems to have come to the same conclusion i have regarding you. It's not often a day goes by without a reply from some member to a post you've made, normally filled with pity and hope that one day you'll learn to use a knife, fork and any other utensils that would signify you are able to rise above the intelligence level of a carrot.

This brit1234 character used to hang around in the House Prices and Economy debate forum, predicting 70% house price crashes and other twaddle. His latest spark of financial genius made him cash in on the FTSE just before it rocketed to the current high.

Furthermore, he has never bought a house, sold a house or had a mortgage, so hardly in a position to give any advice.

There should be a sticky on this forum to tell unwitting newbies he's just here for entertainment purposes and should not be taken seriously under any circumstance.

tripleninjat

I have stumbled upon this thread as we are currently looking at using the scheme and equity loan.

If say we reserved a house tomorrow, and exchanged within 28 days. How much deposit is paid at exchange and does this come from the purchaser, the government, or both? From what i have read 10% is a common amount but with help to buy the total deposit will be 25%.

Thanks for your help

kingstreet

Your deposit is paid in time for exchange of contracts.

If you are putting down 5%, it will be 5%. If it's 10% or more, it will be 10% you hand over to your solicitor.

The equity loan is not drawn down until completion.

tripleninjat

Thanks for your help, just the response i was looking for!