Not be able to complete on deadline.

GDB2222

The government website says 

Receive bonus: when you are close to buying your first home, you will need to instruct your solicitor or conveyancer to apply for your government bonus. Once they receive the government bonus, it will be added to the money you are putting towards your first home. The bonus must be included with the funds consolidated at the completion of the property transaction. The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.


So, it may take a while to get the supplement from the government. 

You need to realise that you will probably be bankrupt if you miss the extended two week deadline. The £6k may be the least of your worries. 

SMmack

We understood what we were signing. However the solicitor on three occasions pushed us to pay for the house months before the completion date even as far back as September. We explained we had a help to buy and would pay nearer the completion date and were then told that we could close that isa in the beginning of January. Normally this would have been ok, however due to the bank holidays this is now delayed to potentially Monday. 

SMmack

I have reason to believe that these pushes were to meet monthly targets, and it's clear that my solicitor is a bit !!!!!!. But I need to determine whether it's better to get a loan and give up on my bonus, or to wait a couple days and pay compensation to the sellers. 

Tiglet2

SMmack said:

We understood what we were signing. However the solicitor on three occasions pushed us to pay for the house months before the completion date even as far back as September. We explained we had a help to buy and would pay nearer the completion date and were then told that we could close that isa in the beginning of January. Normally this would have been ok, however due to the bank holidays this is now delayed to potentially Monday. 

Sorry, I don't understand what you mean when you say the solicitor pushed you to pay for the house months before the completion date?  

When exactly did you exchange?  How long have you known the completion date?  You would have needed to pay the 10% deposit (or whatever was agreed) plus the solicitors fees only at exchange, with the remainder being due the day before completion.

HampshireH

Have you checked your online account to see if it's there?

In theory if it's been posted it should be. You haven't answered the questions on when you were told to request the statement.

Most banks state 5-7 working days 

GDB2222

Does that mean that you can complete on Monday, then?

What I suggest that you do is discuss it with your solicitor tomorrow, first thing. Work out a date when you can definitely get the money together, then you or your solicitor contacts your sellers to try to get the completion date moved. 

That may minimise the disruption to others, and hence minimise your loss. For example, your sellers may be able to put off their removal firm for a few days, although it’s really short notice. Still, it’s better than you waiting until they are packed up before telling them.

You may be asked to pay some compensation for this, and I strongly suggest that you agree. I can’t really believe that you have left it to Wednesday night!

SMmack

I applied a while ago but the solicitor was on holiday over Christmas and the banks were closed for the most part too, so all that has been delayed. 

Tiglet2

Your answers are vague.  It sounds to me like you have messed up here. 

The vast majority of solicitors close between Christmas and New Year and banks, although usually open, are extremely busy at the moment.  Bear in mind that many staff (solicitors and bank staff) have been furloughed, or are working from home, there has been a pandemic together with a stamp duty holiday.  Everything is taking longer and there are huge backlogs of work, so there have been delays since March 2020.

You're trying to put the blame on someone else and I think it's clear that you were advised to close your ISA but even though you knew you were completing on the 8th January, you didn't think to close the account before Christmas.  Did you not read the terms and conditions of the ISA account, where it would have advised you of the timescales for closing the account and receiving the closing statement?

The solicitor can only advise you to close your ISA (and they did), but you have to actually action it.

SMmack

I can assure you at no point was I advised to close my ISA, my answers have been vague because I am both at work and there is a lot of information to process.

I offered on the house in May, the sellers declared a wait till January then tried to push that forward pretty much instantly when their new build was finished early, my solicitor was going with it and saying I could move in sooner if I gave up on my ISA and bought that week despite me staying that I wanted to use my help to buy bonus. All I have recieved in relation to the actual sale on the 8th is an automatic email to say I will be getting a contract soon, a contract to sign, and an email at the start of this month saying I need to hand in my monies, to which I did all of except for the isa where I was reminded of the delay and the extra delays because of the bank holidays. 

misscaraxo

Just so you know even if you complete you will still get the bonus after. H2B ISAs will pay up to 12 months after completion. So if you can get the money before completion lent to you, you can pay it back as soon as you receive funds.