Help to Buy ISA - Timescale

Moneygrabber89

My partner has a help to buy ISA and we handed our closing statement to our solicitor 3 weeks ago however she has only claimed yesterday from the government. We are due to complete a week today (18th November).

 

I was wondering if she has left enough time for this to be returned from the government?

 

Also could I please ask at what stage I need to sort my home insurance? We are going to exchange and complete on the same day but should I sort house insurance before this date?

 

Thanks again for your help guys.

tervozina

Not sure about Help to Buy ISA, we have Life Time ISA with Skipton and our solicitors said that they release money quite fast as long as the bank knows when they are needed, in this case the exchange or completion date. 

Regarding the home insurance, it has to start from the date you exchange contracts as far as I know, considering you have exchange and completion same date it has to be that date. I’m sure you can start it earlier as you give the company date you want it to start, but why would you do that?

emma_829

Moneygrabber89 said:

My partner has a help to buy ISA and we handed our closing statement to our solicitor 3 weeks ago however she has only claimed yesterday from the government. We are due to complete a week today (18th November).

 

I was wondering if she has left enough time for this to be returned from the government?

 

Also could I please ask at what stage I need to sort my home insurance? We are going to exchange and complete on the same day but should I sort house insurance before this date?

 

Thanks again for your help guys.

The solicitor has to give a full 5 working days to receive funds for the bonus. You can do an urgent request, although you don’t exchange until the payment is confirmed as scheduled or paid dependent on how short notice. I got one the same day as a client didn’t advise us until the day of exchange/completion. 

Your conveyancer should have explained that you need to put insurance in place from exchange of contracts under the conditions. Except if it’s a new build, in which case it’s usually on completion. Speak to your conveyancer who will confirm what your contract says. If you’re buying with a lender, they would usually ask for sight of this before they exchange/complete. As such, ask them if they need sight of it and then arrange it with plenty of time to get a copy over to them.