Help to buy isa - failure to purchase form

chilly957

I am having to reopen my help to buy isa due to not completing in time, I have advised my solicitor of what to do. Has anyone else had to do this before? I am worried about the time it will take and then we will need to close it down again soon! 
For reference, it is with Barclays

eskbanker

If your conveyancer is authorised to handle HTB ISA transactions then they should know what to do, and, perhaps more importantly, be able to explain it to you, including timescales, etc.

chilly957

They are authorised, however have not had to go through the process of re-opening so are unsure. I am trying to find answers else where but can't seem to find anything online! 

Ch1ll1Phlakes

Hopefully you already have this information as you say you have advised your solicitor what to do, but they need to complete a purchase-failure notice to have the account re-opened. I've attached the screenshot from barclays website.



From looking for the purchase-failure notice online I found the following pdf - linked conveyancer-guidelines-january-2021.pdf

Reading this, have a look at Annex B which gives a template of what your solicitor needs to fill out. You then need to provide this to Barclays for them to re-open your account. As informed in the pdf. 


Your solicitor should do this within 10 business days so if they're not sure I'd send them the pdf for them to read as it's guidelines for them. Hope this helps. Sorry I can't give any more info with regards to timescales as I've never used my Help to Buy ISA yet.

eskbanker

My understanding of the process is that the conveyancer's role is simply to return the bonus to the administrator and to provide you with a purchase failure notice within two weeks (clause 7.7), after which you take that to your ISA provider (clause 6.8) to get the account reinstated:

https://www.helptobuyisaadmin.org.uk/lib/sites/default/files/scheme-rules-feb-2020.pdf

I can't speak from any direct experience though, so if that's what you're looking for then you'll need to wait to see if anyone else on here is able and willing to share information about how long it took for them - is your timescale concern more to do with the conveyancer's element, or the Barclays reinstatement?  When are you anticipating your next purchase attempt completing?

Edit: beaten to the punch while typing/searching too slowly!

Ch1ll1Phlakes

eskbanker said:

Edit: beaten to the punch while typing/searching too slowly!

Sorry . At least we came up with the same info