Help to Buy ISA guide

Andrew_jade

charleston1 wrote: »

I'm not sure what I mean by renewing myself.:-S Once the term is up (1 year) I call halifax and just, I guess, I must be opening a new isa with existing money in there but actually all along i thought i was just renewing my existing ISA. I have about 10K in there so I should be doing something with it. Moving it somewhere. Just Something! I feel rather silly for not actually knowing how these ISA's work properly. Like transferring monies is boggling me. But i havent put anything in it this year so that helps matters.
Can I ask... ISA year is April-April right? so if I opened up one in say Jan for 1 year, hypothetically, can you then open another after April? (see i'm useless!)

colsten wrote: »

Your dates are very demanding but not necessarily unachievable. Point your solicitor at

Sorry but solicitor and I have already tried that link it only gives details of how scheme will work but does not give any links on how solicitors register other than registration will open from January and its 29th tomorrow and still not open. Treasury legislation for conveyancer not much help as it directs to same web link. Any other help ?

colsten

Andrew_jade wrote: »

hi that site only gives details that they are administrators for government help to buy ISA scheme and how it will work but try clicking on link and looking through, their is no where that solicitors can register or any contact point for UK ASSET CSL? Any one have any further help, even the Treasury Conveyancer legislation for the scheme just refers to UK Asset site

It is not for you or I or anyone else on MSE to figure out the exact details of how your solicitor registers and claims your bonus. After all, they can charge you and other applicants up to £50 for the service they are [supposed to be] providing. A quick glance over the link I posted earlier, and that I suggested you point your solicitor to, suggests that it is all terribly straight forward for a solicitor to register, and to process bonus claims.

xylophone

You've made it really clear and easy to grasp

You must still read the terms and conditions of any account you open and be sure that you understand them.

Andrew_jade

colsten wrote: »

It is not for you or I or anyone else on MSE to figure out the exact details of how your solicitor registers and claims your bonus. After all, they can charge you and other applicants up to £50 for the service they are [supposed to be] providing. A quick glance over the link I posted earlier, and that I suggested you point your solicitor to, suggests that it is all terribly straight forward for a solicitor to register, and to process bonus claims.

I totally agree I shouldn't be trying to solve solicitors problem however they have stated they have tried daily since beginning January too see if UK asset website will allow any solicitor to register in order to process bonus payments and it hasn't proved possible. My concern is timescale for completion when we close Help to buy ISA next week as we were hoping to complete mid February. Appreciate your help and will update forum of how the bonus claim process eventually goes.

colsten

Andrew_jade wrote: »

I totally agree I shouldn't be trying to solve solicitors problem however they have stated they have tried daily since beginning January too see if UK asset website will allow any solicitor to register in order to process bonus payments and it hasn't proved possible. My concern is timescale for completion when we close Help to buy ISA next week as we were hoping to complete mid February. Appreciate your help and will update forum of how the bonus claim process eventually goes.

OK, my final contribution to this subject. As I said before, it is not down to me or anyone else here to tell solicitors who get paid for doing their job how to do their job. But in the spirit of cooperation, this is from the website I posted a link to earlier:

You will need to register with the Help to Buy: ISA scheme before you can apply for a bonus on behalf of your client. The easiest way to do this is to register via your existing Lender Exchange account. You can register from January 2016.

Perhaps you can relay this to your solicitor.

Andrew_jade

colsten wrote: »

OK, my final contribution to this subject. As I said before, it is not down to me or anyone else here to tell solicitors who get paid for doing their job how to do their job. But in the spirit of cooperation, this is from the website I posted a link to earlier:

Perhaps you can relay this to your solicitor.

Appreciate your help and I will relay the information tomorrow and fingers crossed we have a quick/smooth completion.!

amr547

I'm a bit confused about the ISA - what is the bonus "for"? How is it paid? I was under the assumption it made up part of your deposit at completion but looking at the guide for conveyancers it says the bonus cannot be part of a deposit?! Have I misunderstood somewhere along the line??:eek:

cjmoc

Hi all,

I took advantage of The Coventry's Fixed Rate cash ISA (30) - conveniently upped from 2.30% to 2.40% just a few months after I opened - just after beginning of tax year April 2015-April 2016, in May I think...

I have about £4k in there and don't want to move it considering the rate is decent. However, I do want to open a HTB ISA and want to know - given current restrictions - if I have to wait 'til new tax year i.e. April 2016 to open one?

I've read the info on split savings in the MSE HTB ISA guide and, as I said, I'd rather not move my current savings in The Coventry ISA.

Put simply:

1) Can I open a HTB ISA (with Halifax, say) in new tax year April 2016?
2) And can someone confirm if it absolutely is the case that I have to wait until April 2016 to open it?

Thanks in advance!

Ed-1

cjmoc wrote: »

Hi all,

I took advantage of The Coventry's Fixed Rate cash ISA (30) - conveniently upped from 2.30% to 2.40% just a few months after I opened - just after beginning of tax year April 2015-April 2016, in May I think...

I have about £4k in there and don't want to move it considering the rate is decent. However, I do want to open a HTB ISA and want to know - given current restrictions - if I have to wait 'til new tax year i.e. April 2016 to open one?

I've read the info on split savings in the MSE HTB ISA guide and, as I said, I'd rather not move my current savings in The Coventry ISA.

Put simply:

1) Can I open a HTB ISA (with Halifax, say) in new tax year April 2016?
2) And can someone confirm if it absolutely is the case that I have to wait until April 2016 to open it?

Thanks in advance!

Yes to both (1) and (2). The only way to pay into a Help to Buy ISA before 6th April 2016 now would be to close or transfer out the Coventry ISA as you can't pay into 2 cash ISAs in the same tax year. I agree with you that it's best to wait until 6th April.

colsten

cjmoc wrote: »

I have about £4k in there and don't want to move it considering the rate is decent.

You can easily get 5% AER for £4K. Your money is wasted in that ISA, and the ISA holds up your entitlement to the HTB Bonus.

But as it's a fixed rate ISA, you are stuck until April 6th.