Help To Buy - Sick with worry - Any indications that the scheme will be extended for home owners?

karynS

I read MSE have requested an update from Parliament on whether the government is considering extending the HTB scheme - I am currently and very swiftly on-route, approx 6 weeks, to completing my house sale and moving in with parents until new build is available, and have just been told by the developer that the new build i have reserved will be finished a month after the 31 Dec 2020 cut off, effectively omitting me from qualifying for the HTB scheme completely!.  I am worried sick I will have to pull out of selling my current home, as after looking at alternative new build developments in the area, there is nothing suitably available to HTB purchasers, I fear developers will take advantage of this predicament myself and others are in, and try to off load the homes that they are already struggling to sell.  I see that Scotland Gov. have already extended their scheme by 12 months to support the building market, I desperately need to see some indication that the England Gov. will follow. Is anybody in the know who can advise either way - obviously the decision to pull out of my current sale will be mine, but I seriously need some advice..  

Crashy_Time

Government knows it can`t prop everything up indefinitely, the property you want will probably be cheaper next year anyway?

jonnygee2

Is anybody in the know who can advise either way 

Some days I doubt even Boris himself knows what he'll announce tomorrow, let alone anyone else.

Dinpraad

we are waiting to see or hear an announcement on this subject.

moneysavinghero

If you cant afford the new house without HTB, stay where you are.

karynS

Dinpraad said:

we are waiting to see or hear an announcement on this subject.

Dinpraad - any idea what the expected time frame is for this announcement? I've looked all through .Gov site and parliament and can find nothing.  

karynS

moneysavinghero said:

If you cant afford the new house without HTB, stay where you are.

Interesting comment! With no explanation for your advice.. Is it because you depict the market acting a certain way? After a frank conversation with a mortgage broker today, he estimates the housing market will drop by 5-10% in value at the start of 2021, so i would rather secure my equity at my agreed sale price and see it through. 
 Albeit foolish to do so; I have set my heart on one new build in particular, and am trying to secure it using HTB - but the odds are stacked against me..

Dinpraad

karynS said:

Dinpraad said:

we are waiting to see or hear an announcement on this subject.

Dinpraad - any idea what the expected time frame is for this announcement? I've looked all through .Gov site and parliament and can find nothing.  

Most likely in the autumn statement in October I think 

eidand

karynS said:

moneysavinghero said:

If you cant afford the new house without HTB, stay where you are.

Interesting comment! With no explanation for your advice.. Is it because you depict the market acting a certain way? After a frank conversation with a mortgage broker today, he estimates the housing market will drop by 5-10% in value at the start of 2021, so i would rather secure my equity at my agreed sale price and see it through. 
 Albeit foolish to do so; I have set my heart on one new build in particular, and am trying to secure it using HTB - but the odds are stacked against me..

unless your broker is a time traveller I wouldn't put too much stock in what he says, frank or not. If only timing the market was that easy, we'd all be millionaires!
If you believe him, then you might as well stay put for now and buy without HTB when the time comes.

JoseKangu

Hi there, my partner and i are in the same situation. Right from the begining we were assured our house would be completed by December 31 but now they have come back saying that they cannot confirm this anymore (Charles Church homes). We need to exchange soon and our legal advisor is saying that its our risk if the new build is not complete by Decemeber meaning we lose our deposit. How is this even fair? why would we lose a 20k deposit on something that is not even ours. We will investigate our options with our legal advisor and help to buy agent but there surely has to be a way around this. Karyn please keep this post updated and i will also update on our situation. Thanks everyone

MovingForwards

JoseKangu said:

Hi there, my partner and i are in the same situation. Right from the begining we were assured our house would be completed by December 31 but now they have come back saying that they cannot confirm this anymore (Charles Church homes). We need to exchange soon and our legal advisor is saying that its our risk if the new build is not complete by Decemeber meaning we lose our deposit. How is this even fair? why would we lose a 20k deposit on something that is not even ours. We will investigate our options with our legal advisor and help to buy agent but there surely has to be a way around this. Karyn please keep this post updated and i will also update on our situation. Thanks everyone

Your contract should have a longstop date in as your safety blanket. Check what is in the contract band speak with your solicitor.