Another Help to Buy Isa query.

Harryp_24

So ive just exchanged on my house with the completion date tomorrow. yay!
I spoke to the solicitor and asked if she had done the help to buy ISA. She said she would do it now and i will get the money in a few weeks? i gave her the benefit of doubt as she is a solicitor and i am not. However looking everywhere, it says you have to do it at least 5 days before completion and the bonus has to be used on the completion of the property. I said this to her and she said no you can apply for the bonus 6 months after completing?? Anyone got any wisdom on the matter? i cant find what she is saying anywhere. Thanks.

Harryp_24

bump i could really do with an answer if anyone has one, cheers.

vapourA

Have you paid the solicitor all the money to cover the completion balance? The ISA bonus should be used towards the completion release of funds but effectively if you have stumped up this cash, when the bonus comes in it can offset your legal fees, stamp duty or be refunded. It's a technicality but my bonus was knocked off my legal bill, the solicitor just reconciled all the transactions at the end of the day and calculated a final statement with the ISA bonus in it.

Zeni

From what I have read it has to be applied for between exchange and completion as they say on the help to buy website - they usually say give a week between the two to allow for the time to apply for these as they take about 5 buisness days.
I'm assuming you've given your solicitor the closing statement from your ISA's when you closed them. Is your solicitors able to claim ISA bonus? Firms have to register with the scheme in order to claim the bonus and your dont sound like they seem to very clued up. Definitely ring them tomorrow and get them to look on the Help to BUy FAQ if they need clarification.


On the FAQ https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#when-is-bonus-paid
It does have about an expedited applications so if completition has to happen tomorrow hopefully this will be of help to you.

How do I apply for a Help to Buy: ISA government bonus if I am exchanging and completing on the same day?
Your conveyancer will still use the standard bonus application process, but it will be important that you speak to your ISA manager and solicitor or conveyancer as early as possible to inform them that you wish to claim a government bonus.

There is an expedited bonus application process that your solicitor or conveyancer can follow that does not require a closing statement and where an up-to date Help to Buy: ISA account statement can be used instead.

- See more at: https://www.helptobuy.gov.uk/help-to-buy-isa/faq/#when-is-bonus-paid

I hope you get it sorted.