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Help to buy ISA
sugarbabe84
Posts: 259 Forumite
Is anyone able to advise on what the HTB ISA bonus can be used for?
I’ve read and heard conflicting messages. I’ve read that it can’t be used to pay solicitors, but then I’ve read that solicitors take their payment from the HTB ISA bonus.
I’ve heard the bonus can’t fund the deposit, but I saw a friend’s statement where the solicitor added it as part of all funds, including the deposit.
I’m a bit lost as to what happens. Does anyone have insight?
I’ve read and heard conflicting messages. I’ve read that it can’t be used to pay solicitors, but then I’ve read that solicitors take their payment from the HTB ISA bonus.
I’ve heard the bonus can’t fund the deposit, but I saw a friend’s statement where the solicitor added it as part of all funds, including the deposit.
I’m a bit lost as to what happens. Does anyone have insight?
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Comments
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Generally it can only be used at completion but the solicitors can negotiate the deposit at exchange so that you can count it in a way, that's what our solicitors were able to do for us.sugarbabe84 wrote: »Is anyone able to advise on what the HTB ISA bonus can be used for?
I’ve read and heard conflicting messages. I’ve read that it can’t be used to pay solicitors, but then I’ve read that solicitors take their payment from the HTB ISA bonus.
I’ve heard the bonus can’t fund the deposit, but I saw a friend’s statement where the solicitor added it as part of all funds, including the deposit.
I’m a bit lost as to what happens. Does anyone have insight?0 -
I see. Thanks for responding. I hope my solicitor will negotiate to include it at exchange too. At present it looks like I!!!8217;ll have to borrow around £700 from family for the exchange, whereas if the solicitor includes it at exchange I won!!!8217;t need to borrow money.0
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Mention to your solicitor ASAP that it is what you hope to do to make sure they get it sorted in time.sugarbabe84 wrote: »I see. Thanks for responding. I hope my solicitor will negotiate to include it at exchange too. At present it looks like I!!!8217;ll have to borrow around £700 from family for the exchange, whereas if the solicitor includes it at exchange I won!!!8217;t need to borrow money.0 -
Solicitor added the bonus to our completion statement, which included their fees, deposit and everything else that goes along with the purchase.0
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whatdoyouthink... wrote: »Solicitor added the bonus to our completion statement, which included their fees, deposit and everything else that goes along with the purchase.
That option would work for me too.
It just means I will have to borrow money (around £600) from family to top up my deposit, which I would pay them back on completion or when I next get paid in June.
I’ve emailed the solicitor to enquire what my options are.0 -
A good solicitor will manipulate the money so it can be used for deposit/fees. A poor one won't know how to do that and if they can't do that what else can't they do?An answer isn't spam just because you don't like it......0
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It worked out well for me and my partner, our deposit was £X amount and when the solicitor gave us the statement we ended up actually paying less than the deposit amount, because they included our HTB ISA bonuses! So our ISAs actually covered the total solicitor fees and a little more. happy days!0
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whatdoyouthink... wrote: »It worked out well for me and my partner, our deposit was £X amount and when the solicitor gave us the statement we ended up actually paying less than the deposit amount, because they included our HTB ISA bonuses! So our ISAs actually covered the total solicitor fees and a little more. happy days!
That’s the set up I’m hoping for as well but so far my solicitor doesn’t seem like a nice person, so I’ll have to see how it all pans out.0 -
So this lawyer got back to me and she!!!8217;s told me I can only use the HTB bonus at completion. Based on how she has been so far, I guess I didn!!!8217;t expect that she would want to make my life easier. Fortunately my sibling will lend me the 600 shortfall I have before payday.
She said the The Help To Buy bonus can only be used for completion. Would that mean the money gets given to me at completion after they have taken all their legal fees etc?0 -
CEB1995, Diggingdude and Whatdoyouthink, just curious who your solicitors have been in the past?
Just want to gather a good list of solicitors that I might be able to use in the future should I go through a house buying process again.0
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