Help to Buy Scheme - Split Cost to meet criteria

peth

Hello,

My partner and I are saving through Help to Buy ISAs a few years now (so a bit too late to transfer it to LISA). The upper limit of a property we can buy is £250,000. However, most properties we are looking at relatively new blocks of flats in our area are £270,000-300,000. All of them are coming with an underground parking space. Is it possible to ask the owner to split the cost of the property at £250,000 for the flat, plus £20,000-50,000 for the parking space, so we can get benefited from the help to buy scheme? Is it a common practice? Is it something feasible?

Any advice welcome.

Thanks!

chanz4

Can ask but unlikely as messes with their figures

se2020

You'll need to have enough cash for the deposit on the flat plus the full amount to buy the parking space in cash as you won't be able to get a mortgage on a parking space for a start..

HampshireH

In order to do this you'd need to be buying two leases. Presumably the flat lease includes the parking space as opposed to one for the flat (with mortgage?) And one for the parking (cash)

silvercar

HampshireH said:

In order to do this you'd need to be buying two leases. Presumably the flat lease includes the parking space as opposed to one for the flat (with mortgage?) And one for the parking (cash)

This is crucial. The parking space will be on the same lease as the flat, to prevent someone retaining the parking space when selling the flat, so your idea would require your solicitor to agree that you are paying X for the flat and Y for the parking.