The NEW waiting to exchange thread...

Yalpsmol

AKG23.....the bonus cannot be paid after completion.

https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

Please read the bit under "receive bonus". The bonus is used for no particular part of the purchase but essentially comes off fees/deposit indirectly.

If you look on MSE and other forums you'll find plenty of people accidentally losing their 25% because they didnt close their accounts in time or there were delays in claiming or they wrongly thought they could claim the bonus after completion.

Dave_606

Yalpsmol wrote: »

AKG23.....the bonus cannot be paid after completion.

https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

Please read the bit under "receive bonus". The bonus is used for no particular part of the purchase but essentially comes off fees/deposit indirectly.

If you look on MSE and other forums you'll find plenty of people accidentally losing their 25% because they didnt close their accounts in time or there were delays in claiming or they wrongly thought they could claim the bonus after completion.

Wow, for the sake of a few days or paying proper attention not worth losing that 25% over!.
We actually gained a little more bonus than we thought, not more than 25% but more that we saved a little more in the ISA's than we needed for our deposit and that the extra bonus was paid anyway and helped cover the fees etc meaning we have that little extra more for when we move than we expected.

What I mean is that unless our solicitor made a mistake, it appears you can save more in your ISA than you need for your deposit but as long as your deposit bonus doesn't exceed your total deposit & fees then you appear not to have to hand over as much of the ISA savings itself as the bonus comes off the final bill first once claimed with what's outstanding assumingly coming out of the ISA savings!. If that's true, I wander if in theory if you saved long enough the bonus alone could cover the entire deposit if you saved for enough years?. Could be a nice little loophole if your not buying for quite a few years.

Yalpsmol

The bonus cant exceed 3k...so 6k between two people. And it would take years. So unless you're buying a cheap house and getting a 95% mortgage, no. But even then you would be a bit mad, when you could easily put down a way larger % deposit (you have to save 12k to get 3k bonus) and have better interest rates.

AKG23

Yalpsmol wrote: »

AKG23.....the bonus cannot be paid after completion.

Thank you. Yes my solicitor has now explained things a bit more, they've at last said that they're planning to exchange this week to complete next week. Although it seems to have only occurred to them yesterday that we haven't provided H2B ISA closing statements (we've never been asked to) so I've been to the bank this morning and got my closing statement/certificate. Hopefully the bonus will be paid quickly!

The property we're buying has been sat empty for several week and I have a friend who is taking my rental room who is having to leave her place on the 5th so it's really unfortunate that we cann't complete this week.

Dave_606

AKG23 wrote: »

Thank you. Yes my solicitor has now explained things a bit more, they've at last said that they're planning to exchange this week to complete next week. Although it seems to have only occurred to them yesterday that we haven't provided H2B ISA closing statements (we've never been asked to) so I've been to the bank this morning and got my closing statement/certificate. Hopefully the bonus will be paid quickly!

The property we're buying has been sat empty for several week and I have a friend who is taking my rental room who is having to leave her place on the 5th so it's really unfortunate that we cann't complete this week.

Our bonuses really did appear to only take just a day, 2 at the very most if they submitted the claim late Thursday afternoon. So its possible it could get paid in a day or 2 if you get the closing statements to your solicitor as soon as.

Still waiting for confirmation of release of funds off the mortgage provider!. This wait when they were supposed to have been released yesterday is making me nervous.

Yalpsmol

Just rang solicitor who said theyre waiting for searches. Explained we had the searches back 2 months ago. "Oh yes my mistake". We are waiting for update on a restriction and them ready to exchange. Ive chased them every few days for this and today she let slip the last time they acruallt chased the other side was 2 weeks ago. Seems lax to me. Said it needs to be sorted by tomorrow or we arent completing friday as planned. Neither of us can get time off on such short notice. Itll have to wait until next week. Uggghhh.

Dave_606

Well email ping pong this morning, then solicitor told us they had an appointment in the afternoon but had setup the rest of the process payment wise ready as the mortgage provider was due to transfer the funds any time and they left the matter with a colleague who was supposed to update us. No update after nearly 4 hours so I call just after 16.00 to be pretty much told the funds had be received and sent over to the sellers solicitors early afternoon. Told them I was supposed to get a progress update as and when it happened, they said they left voice a mail, which was a lie as nothing on either phone, message or missed call or even email update.

So asking about the estate agents releasing the keys etc, they suggest I call the estate agents myself to ask them if they had been instructed to release the keys yet!. So I call the estate agents, told someone will call me back, get a call back from estate agents explain everything to them to say they have not been instructed as of the call but will call the sellers solicitors to get confirmation of funds receipt so they can release the keys. A few mins later I get a call from the estate agents to confirm sellers have received the funds and are now instructed to release the keys!. Wanted the keys today so had to rush out, daughter excited so came with me. Only on route I then get a much delayed call back from our solicitors to say they have just had confirmation off sellers side to confirm receipt of funds and they have instructed estate agents to release the keys. Told them I know, I've just been chasing it up myself and on route to collect keys. Such was the lateness in the day had I waited to hear back from our solicitors I'd not have got the keys today (OK yesterday) . But half hour before the estate agents closed we eventually, after such a bloody nervous day of yet again having to chase things up and wait for calls and updates that never happened, took possession of our property!.

marianiamh

Dave_606 wrote: »

Well email ping pong this morning, then solicitor told us they had an appointment in the afternoon but had setup the rest of the process payment wise ready as the mortgage provider was due to transfer the funds any time and they left the matter with a colleague who was supposed to update us. No update after nearly 4 hours so I call just after 16.00 to be pretty much told the funds had be received and sent over to the sellers solicitors early afternoon. Told them I was supposed to get a progress update as and when it happened, they said they left voice a mail, which was a lie as nothing on either phone, message or missed call or even email update.

So asking about the estate agents releasing the keys etc, they suggest I call the estate agents myself to ask them if they had been instructed to release the keys yet!. So I call the estate agents, told someone will call me back, get a call back from estate agents explain everything to them to say they have not been instructed as of the call but will call the sellers solicitors to get confirmation of funds receipt so they can release the keys. A few mins later I get a call from the estate agents to confirm sellers have received the funds and are now instructed to release the keys!. Wanted the keys today so had to rush out, daughter excited so came with me. Only on route I then get a much delayed call back from our solicitors to say they have just had confirmation off sellers side to confirm receipt of funds and they have instructed estate agents to release the keys. Told them I know, I've just been chasing it up myself and on route to collect keys. Such was the lateness in the day had I waited to hear back from our solicitors I'd not have got the keys today (OK yesterday) . But half hour before the estate agents closed we eventually, after such a bloody nervous day of yet again having to chase things up and wait for calls and updates that never happened, took possession of our property!.

Ahh congratulations! Im still fairly early stages I suppose but understand your frustrations completely.

I am so stressed already with it all and hate the chasing! Solicitors all over you until you pay initial payments. Same as estate agent but now slowly realising they just pay you lip service to butter you up!

Dave_606

marianiamh wrote: »

Ahh congratulations! Im still fairly early stages I suppose but understand your frustrations completely.

I am so stressed already with it all and hate the chasing! Solicitors all over you until you pay initial payments. Same as estate agent but now slowly realising they just pay you lip service to butter you up!

Thanks, less about stress but more frustration at unnecessary delays throughout a lot of the process. The worst was near 3 weeks delay the start of the month when the solicitors looked to have sat on the enquiries responses from the sellers solicitors where as part of the response the sellers were asking about exchange & completion. The reason they sat on it?, because they suggested the sellers should take out a £22 indemnity policy where if they refused we would have to as a condition before completion. Would have done this ourselves the start of the month had they proper communicated this to us. It just feels like we have had to do a lot of chasing things up and last minute running round throughout this entire process, as said more frustration than stress!!!.

But saying that, even with everything it was still a fairly quick timeline for us, little over 3 months from first viewing to completion, though first time buyers, no chain involved & vacant property certainly helped I guess.

Yalpsmol

Yay we have exchanged. Completing Friday.
Offer was put in April 4th. Am sure the vendor is happy as their BTL has been empty since they listed it in February. Now we just need to persuade one of our employers to give us some leave, otherwise it will be a speedy drive home to get to the keys before EA knocks off.