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Help to buy and corona

Hi,
We are in London and in the process of buying a property on help to buy. I got a call from our solicitor yesterday who wants us to exchange and complete by the end of this month (31st). This is apparently to do with the help to buy running out at the end of the financial year????? 
Usually we would have moved but as we can't really leave our flat, we are concerned that we could end up paying two lots of rent/ mortgage.
Is anyone else in a similar situation and has anyone got any advice as to what is happening with help to buy and corona?
Thanks

Comments

  • GixerKate
    GixerKate Posts: 440 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 25 March 2020 at 10:18AM
    First I've heard that the HTB is running out at the end of this financial year, everything I've read states that it will be made available to first time buyers only sometime in 2021.
  • I am not sure if it resets for the new financial year or not and am a bit concerned. I.E. would we need to reapply for HTB?
    The solicitor is not being massively helpful and the developer is really pushing and wants it done. 
    With regards HTB changing, I unfortunately would not qualify as a first time buyer as have previously owned a house (had to sell in divorce) so am not sure if we should proceed or try and delay?
     Is anyone else is experiencing anything similar?

  • Tiglet2
    Tiglet2 Posts: 2,691 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    From 1 April 2021 there will be a new Help to Buy scheme for first time buyers only - perhaps someone got confused about when it was applicable from?  
    Or maybe it's because Homes England appointed new agents for the Help To Buy Equity Loans recently and there are delays in dealing with new applications.
  • Chumy
    Chumy Posts: 55 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    HTB is ending NEXT year and NOT this next year. 
    You need to be a First Time Buyer or sold your only home - So you should be fine as far as this not a second home purchase
    Do what feels right.
    And Yes, dont get yourself in a position of paying Mortgage and Rent if its not what you want.
    Everything can be paused/placed on hold
    You are in a good position as you have not exchanged!
    In the last 48hrs have you coughed or sneezed? I bet you have - so sit tight if thats what you want to do
    Remember do what feels right for YOU!
  • Just wanted to say thanks for your help, is appreciated and waiting to speak to the solicitor again. Will see what they come back with and hope everyone stays safe, Matt
  • jkasc
    jkasc Posts: 6 Forumite
    First Post
    I closed my HelptoBuy ISA, with Barclays, in February. But now the sale is delayed/off for the foreseeable future, do you think it will be possible to go back to Barclays and reopen their H2B ISA? My flat buying process collapsed due to the conveyancer refusing to exchange, due to the Govt advice.
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