Help to buy ISA problem in house purchase.

lindos90

My son opened a Barclays online help to buy ISA just before the deadline a couple of years ago (prompted by myself as Martin Lewis had alerted us lot about it ceasing)

He found an apartment and had his offer accepted in February. He is a first time buyer, and the property is an ex rental so no chain either end. After a few inevitable delays he was getting closer to the purchase so asked his Solicitor what the process would be to use the ISA and the bonus.

She told him to get a 'final statement' from Barclays and to add it to the Gov form and return to her. So he called Barclays a few weeks ago and they said the only way to give him a final statement was to close the account and then they could post him the statement.

This was about three weeks ago. They have since sent the money to his current account. Every day he's been expecting the statement to arrive and its not. hes even called them again and asked if they can email it (which they said they can't, they just offered to post a copy out)

Now he is at a point where his completion date is next Wednesday 24th May and theres still no sign of the statement in the post. (Also theres been no mention from the solicitor about a deposit, or date of exchange...to be honest at this point I can see them doing exchange and completion on the same day now!)

What happens if the application for the 'help to buy' ISA cant be made in time for the completion date? Will he miss out on the bonus, or is it likely they will have to delay the completion date? Does the bonus have to be used directly in the purchase, or can it be refunded after completion?

I'm beginning to panic on his behalf. I've bought houses before, but the last time was 14 years ago, so my memory of event sequences is vague now, plus I have never dealt with a right to buy ISA so don't know the process at all.

Can anyone give any advice if its been done correctly, and how quickly the bonus is usually sent after its applied for?

lindos90

Apologies for bumping this, but we really could do with a bit of help ❤️

Fionargh

you need 5 business days between the solicitor applying for the bonus and completion date. The bonus can't be used retrospectively.
As your son hasn't exchanged and no firm completion date he should discuss pushing that date back if that's an option for him to give enough time for the funds to be drawn down so he doesn't lose this bonus.

I was in a very tight deadline situation of a looming mortgage offer expiry and this bonus situation was the cherry on top of my stress.

I was also with Barclays and waiting with bated breath for my completion statement with Barclays. The posted statement took forever (and didn't arrive in time) but after daily calls to Barclays and lots of declined pleads for a digital copy I got through to someone who told me I could get a copy of the statement from my Barclaycard app!!
If he has any other Barclays accounts with app access that's likely the only other way to get the statement quicker.
 
This website answered a lot of my questions on the process: https://www.helptobuyisaadmin.org.uk/conveyancers/faqs

lindos90

Thanks for your reply.
No app I'm afraid, he banks with Lloyds, and just had a SO into the ISA so he didn't see a need for a banking app 🙄

 @Fionagh do you mind me asking if you remember what day you asked for a copy of the delayed statement?

Apparently there's a glitch on a proportion of closing statements requested on a Saturday!!😱

Son found out that although our town branch has closed, they have a Barclays rep in the local library on a Friday so we went today and asked if they could print one there. 

They were the ones who told us about the glitch. They were not able to print one but they were very helpful, called a city branch about 12 miles away, who printed one out and all he has to do is go there tomorrow and it will be there ready for him.

He's then going to hand post it with the Gov form, so his solicitor will get it first thing Monday.

He knows that at this point the planned completion date of next Wednesday is now unrealistic, but at least it's a big step in the right direction!

lindos90

I've just looked at your link Fionagh and there is a 'fast track' system for urgent, so there might still be some hope!