My sol won’t accept FHTB as a deposit?

Joefree

Title says it all really, we’re looking at exchanging contacts in March and my solicitor has just informed me (incorrectly I hope) that you cannot use FHTB towards your minimum deposit. Only to pay towards money’s owed apon completion.

Has any one experienced this?

molerat

https://www.gov.uk/guidance/forces-help-to-buy

How much can be borrowed under the scheme?

This scheme allows service personnel to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.

Joefree

So the issue was that in all the guidence online they don’t actually point out that you can request the monies for the date of the exchange of contracts, they all say you must request it for the completion date. Obviously this is after the deposit is required.

I managed to speak to the FHTB scheme and they explained all this to my solicitor.