Help to Buy ISA from a Conveyancers view

r_r_b_91

Hello,

I am a trainee conveyancer and wanted to check as this is the first Help to Buy ISA I have dealt with, when your clients close down their ISA (before exchange), if the transaction does not proceed to exchange are they able to put back the money and still receive their bonus, when they find a house and do the whole process again?

Many thanks

Becky

masonic

Yes, if you've already applied for the bonus you should be able to obtain a purchase failure notification to give to the client that will allow them to reopen the HTB ISA and deposit the closing balance as a lump sum. If you haven't applied for the bonus, then their closing letter is valid for 12 months and they might be better off holding onto it if they think they will be able to find another house relatively quickly.