Help To Buy ISA... Don't make my mistake....

Adam182

Hi everyone just a word of warning, don't make my mistake and mention the fact you have an HTB ISA to your conveyancer too late, we get the keys Friday I paid the deposit yesterday and I only mentioned it today (Wednesday) and its too late to claim any government money. Such a kick in the teeth.

streetlovin

I am really sorry to hear that, but what made you think it was OK to leave it that late to mention HTB ISA?

You didn't mention it until after you paid the deposit, even though the whole point of HTB ISA is to help to pay for deposit?

Adam182

I was under the impression you couldn't use it until after a sale was made. I did mention previously about it to the mortgage advisor we used (part of the same company the conveyancer was with, all inhouse) but they said it would be sorted further into the process.

I was never asked about it again and failed to bring it up myself until today.

LuckyG

You're right, you can't use it as part of the deposit but claim it back later. I'm closing mine on Monday.

For anyone else using one, don't forget you need to ask for a closing summary statement from your relevant bank/building society before it's closed so that an accurate calculation of the bonus can be obtained.

illusionek

I almost had the same problem. I filled all documents for my solicitor, ticked a field for HTB ISA and I thought all was done. How wrong I was!

Fast forward I exchanged and after exchange asked solicitor if they need anything from me to complete the whole process and was told only building insurance. Then three days before completion I asked if they processed my ISA claim and then all of the sudden they asked for a statment etc.

On the other note do not transfer money out of account before closing the account as you will also lose the bonus. The lady at the bank almost did it when closing my account. Luckily she asked someone before she hit enter.

freddie_2

My solicitor didn't claim mine in time, much apologies from him and they took the value of the bonus I would have got off their bill.

Crashy_Time

The sooner all HTB schemes are phased out the better IMO.

sparky130a

Adam182 wrote: »

Hi everyone just a word of warning, don't make my mistake and mention the fact you have an HTB ISA to your conveyancer too late, we get the keys Friday I paid the deposit yesterday and I only mentioned it today (Wednesday) and its too late to claim any government money. Such a kick in the teeth.

Why oh why would you not disclose this at the earliest opportunity?

cloo

Adam182 wrote: »

I was under the impression you couldn't use it until after a sale was made.

I blame the internet! A year or so ago there was a lot of misleading panic going on that HTB ISAs were all some kind of con, basically because people found it hard to understand the sequence of money being drawn down in a purchase. Leading to people thinking, like the OP, that you somehow had to go through the whole sale before you could use it. I'm sure the government could have found some way to make it all clearer.