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Help to buy & Bonus
transgression1
Posts: 27 Forumite
Off to the solicitors tomorrow to pay the deposit and fees. circa 83K.
Quick question:
we haven't signed contracts yet: is this normal? we have a completion date of a week on Friday.
He claims there is not enough time to cash in the ISA bonus that he will refund this back to us after completion. This seems..peculiar.
Thoughts?
Quick question:
we haven't signed contracts yet: is this normal? we have a completion date of a week on Friday.
He claims there is not enough time to cash in the ISA bonus that he will refund this back to us after completion. This seems..peculiar.
Thoughts?
0
Comments
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You can't use the ISA bonus as part of your deposit. It is only ever paid after exchange. In your case, it'll probably be after completion as well.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Ah, perfect. Thank you. Fell much better now0
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10th May 16, 2:38 PM
You can't use the ISA bonus as part of your deposit. It is only ever paid after exchange. In your case, it'll probably be after completion as well.
Is this just transferred from the lawyer back to my bank account in that case?0 -
transgression1 wrote: »we have a completion date of a week on Friday.
Completion date is normally set when all parties involved are ready to exchange contracts. While dates may get mentioned previously. People tend to have their own agendas.0 -
kingstreet wrote: »You can't use the ISA bonus as part of your deposit. It is only ever paid after exchange. In your case, it'll probably be after completion as well.
Sorry to sound a bit stupid here, but I thought the whole point of a Help to Buy ISA was that it had to go towards your deposit and couldn't go towards anything else?0 -
I also just found the below info:
Receive bonus: when you buy your first home, your solicitor or conveyancer will apply for your government bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home.
- See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/#sthash.VP2STq5G.dpuf
Confused now :mad:0 -
You need to co-ordinate with your solicitor.
The ISA funds can form part of your deposit, but the time it takes from account closure to bonus payment means it's unlikely you will have it (the bonus) in time for exchange/completion.
Solicitor/conveyancer is the party who controls this.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yep, you can't even claim it for exchange only for completion, so with nationwide for example:
3 working days to close account
7 working days for letter to arrive
5 working days for bonus application
15 working days (or 3 weeks) in total. It's not going to be uncommon for this to come through after completion.0
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