Help 2 Buy ISA Closure

MSR89

Despite emailing and calling my conveyancer for an answer to this question and receiving no reply I would really appreciate anyone’s help in this situation. I can’t comment on what do and appreciate it can be a hard job, but it’s getting to be really frustrating.

We’re first time buyers in the process of buying our first time. We’ve sent off a first time buyer declaration form as well as signed our contract. This was 3 weeks ago. The conveyancer hasn’t invoiced for the remaining balance, only an initial fee of about 25% of their rate. 

I have tried asking on several occasions whether to close our ISA’s as I know the timing of completion can impact. We wanted to exchange contracts and hopefully be in by Christmas. 

Simply, do we close them now and that gives us time to receive the bonus they’ve put the application in for? We’ve hardly had a phone call with them. Everyone has spoken about meetings and various things they’ve had to prepare them for the process but I’ve found the whole thing disappointing and I just want it done.

Any help would be appreciated 

Dizzy_Ditzy

Your solicitor needs to sort out closing the H2B ISA 8n order for you to get the bonus. You could close it yourself but you will lose the bonus. You need to make sure they have the details of your account so they can do it. Mine charge a fee for doing so but I’m aware of it so no nasty surprises on that front. I’m told that the money in my isa will be paid into my bank account and the bonus soon after. 

My solicitor asked for an upfront fee for the searches. I won’t get an invoice until they’ve done what I’m paying them to do. 

MaxiMary

I had my HTB ISA with the Halifax - we were advised by our conveyancer at what point to close the account (as we neared exchange). I had to go in branch to close the account (moving the balance to a different account) and was given a closing statement which I then supplied to our conveyancer, for them to apply for the bonus. The account was closed on Friday the 4th October with the closure statement emailed to our conveyancer the same day. The expectation was it would be at least 7 days for the bonus to be paid, but our conveyancer contacted us on Monday lunchtime to confirm receipt! We have also transferred the remainder of the funds for the property and the remaining fees due. We're hoping to complete on Thursday :-)