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Help to Buy ISA Help! (Government Bonus)
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Kingsheep_007
Posts: 1 Newbie
Hi all, long term reader, first term poster!! Hoping you all can help me make sense of my help to buy ISA. I'll quickly explain my circumstances:
I opened a help to buy ISA in Jan 2016 and have a completion date for my new property in mid October. I have a standing order set up for the 1st of each month so I plan on closing the help to buy ISA on 1st October. At this point my understanding is I provide the closing statement to my solicitor to claim the 25% government bonus. My questions relate to the following:
1. Does anyone know the turn around time to claim the bonus ie is it possible to claim the bonus in my time frame? (Close the account on 1st of the month and draw down the funds and move in by 12th of the month)
2. How is the bonus paid? I will provide an example and hopefully this makes sense:
House Price: £100,000
Deposit: £10,000
Funds in ISA: £3,000 (therefore 25% bonus £750)
In this example would my solicitor draw down the £90,000 from the bank re the mortgage offer and I make up the deposit by providing £9,250 and the solicitor claiming the £750 bonus? Or do I provide the full £10,000 deposit and then receive the £750 after I have moved in at a later date?
Hopefully someone can make sense of what I'm asking and any help is greatly appreciated!!
I opened a help to buy ISA in Jan 2016 and have a completion date for my new property in mid October. I have a standing order set up for the 1st of each month so I plan on closing the help to buy ISA on 1st October. At this point my understanding is I provide the closing statement to my solicitor to claim the 25% government bonus. My questions relate to the following:
1. Does anyone know the turn around time to claim the bonus ie is it possible to claim the bonus in my time frame? (Close the account on 1st of the month and draw down the funds and move in by 12th of the month)
2. How is the bonus paid? I will provide an example and hopefully this makes sense:
House Price: £100,000
Deposit: £10,000
Funds in ISA: £3,000 (therefore 25% bonus £750)
In this example would my solicitor draw down the £90,000 from the bank re the mortgage offer and I make up the deposit by providing £9,250 and the solicitor claiming the £750 bonus? Or do I provide the full £10,000 deposit and then receive the £750 after I have moved in at a later date?
Hopefully someone can make sense of what I'm asking and any help is greatly appreciated!!
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Kingsheep_007 wrote: »1. Does anyone know the turn around time to claim the bonus ie is it possible to claim the bonus in my time frame? (Close the account on 1st of the month and draw down the funds and move in by 12th of the month)
https://forums.moneysavingexpert.com/discussion/comment/70455624#Comment_70455624
http://www.moneysavingexpert.com/news/savings/2016/02/first-help-to-buy-isa-bonuses-paid-out-as-couple-from-colchester-bag-800-between-them
However, the bad news is that the conveyancer guidelines at https://www.helptobuyisaadmin.org.uk/sites/default/files/conveyancer-guidelines-for-publication-dec-2015_0.pdf suggest allowing somewhat longer:The time taken to close a Help to Buy: ISA account, together with the processing and payment time required by the Scheme Administrator will be at least 12 business days in most circumstances. Therefore, Eligible Conveyancers should commence the process with this timeframe in mind.Kingsheep_007 wrote: »2. How is the bonus paid? I will provide an example and hopefully this makes sense:
House Price: £100,000
Deposit: £10,000
Funds in ISA: £3,000 (therefore 25% bonus £750)
In this example would my solicitor draw down the £90,000 from the bank re the mortgage offer and I make up the deposit by providing £9,250 and the solicitor claiming the £750 bonus? Or do I provide the full £10,000 deposit and then receive the £750 after I have moved in at a later date?0
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