Help to Buy Question

YoungBaker

We are considering purchasing a property using the Help to Buy Small Developers (Scotland) Scheme.

We currently own our own home. I understand to be eligible for the Help to Buy scheme you cannot own any other property than the one you are buying.

I am wondering if anyone has bought a house using HTB when they already owned their own property, and if so could answer this question:

At what point do we need to have our house sold by? Is it the day of completion on the new property? Or does the house need to be sold before you apply for the help to buy mortgage?

I'm struggling to find a definitive answer online... Basically ideally we would like to buy using the scheme like any other house purchase with a chain... ie. we sell our house on the morning of a day and the completion of our new purchase using the HTB happens following that.

Thanks

Caz3121

this is probably the definitive guide http://www.gov.scot/Topics/Built-Environment/Housing/BuyingSelling/help-to-buy/InformationForBuyers
If you own a home already, you must sell this before buying a new home under the scheme. Checks will be carried out to make sure that you have sold your existing home before you buy a new home.
you may need a solicitor to confirm at what point you are classed as "buying"

YoungBaker

Thanks caz

Yeh I have been using that guide but unfortunately, like you say, there doesn't seem to be a clear definition on when "before you buy your new home" is... That could be interpreted as the same day we complete as then it would be sold... but surely that would be too far down the line for them to confirm that we are actually eligible?

I'm hoping someone who has maybe been and done it can shed some light!

kingstreet

At what point do we need to have our house sold by?

On or before completion of the new purchase. Your solicitor has to adhere to the HTB scheme rules and undertakes this.