When is the time for deposit & ISA help to buy?

Aze007

Hi,

Please tell me at what stage I am actually going to transfer my 10% deposit? Is it on an exchange day?

Also, if my completion day is 23rd and my ISA funds monthly topup is at the same day. Will I get bonus from that extra topup?

ST1991

Your solicitor will apply for the ISA bonus in line with your completion date, not your exchange date.

Usually (as far as i'm aware) it takes 10 working days for the bonus to come through to your solicitor, so they should apply for it inline with your completion date with that in mind - i.e at least 2 weeks beforehand.

Edited - don't know if i have misread, but you cannot top your ISA fund up that close to completion. You need to close the savings account first, then solicitor applies for the bonus.
Exchange will take your 10% deposit.

mattk_180

You will pay your deposit at exchange, or at least some of it if the vendor agrees to less in which case the balance is paid at completion along with your solicitor fees.


Solicitor will claim the bonus for the completion and this would normally be kept by them as payment towards your fees.


As above, in order to claim the bonus in enough time, you need to close the account and hand over your closing statement beforehand so no chance of any money being paid in that late in the process.