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Still waiting on conveyancer to send me my help to buy ISA bonus

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  • OnTheLadder
    OnTheLadder Posts: 30 Forumite
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    Our solicitor made it clear from the start we wouldnt see it until completion so it was in line with our expectations. I seem to remember being given a few options and we chose to have the amount sent to us. I do recall being surprised it worked like that for us as I had read lots of different opinions.
    If they tried to reclaim it then I would hope the solicitor would be to blame, the advised us and did the transfer.
  • sugarbabe84
    sugarbabe84 Posts: 259 Forumite
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    OnTheLadder wrote: »
    Our solicitor made it clear from the start we wouldnt see it until completion so it was in line with our expectations. I seem to remember being given a few options and we chose to have the amount sent to us. I do recall being surprised it worked like that for us as I had read lots of different opinions.
    If they tried to reclaim it then I would hope the solicitor would be to blame, the advised us and did the transfer.

    Thanks. My solicitor was being difficult and didn!!!8217;t give me any options.

    I had initially hoped to include it in the deposit. That failing at completion, in the completion statement.
  • OnTheLadder
    OnTheLadder Posts: 30 Forumite
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    I just re-read the email chain. The bonus came in before completion (after exchange) when we had already sent across all our deposit and fees. I can only assume our solicitor used The bonus towards completion money and therefore refunded us that amount from what we had already sent?
  • sugarbabe84
    sugarbabe84 Posts: 259 Forumite
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    I’ve emailed the conveyancer and surprise she responded straight away, which is out of character.

    I asked her to let me know if there are any issues that are causing me delay.

    She said it will be sent by the accounts team today via fast payment.
  • takman
    takman Posts: 3,876 Forumite
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    Bass_9 wrote: »
    Many thanks takman, that's really helpful.

    But having read that, is it right that can't be used for the deposit, but it goes towards completion? Sorry the bold text made sense but the following sentence has confused me slightly. :o

    When contracts are exchanged they usually stipulate a 10% deposit to be paid at that time. The bonus gets sent after exchange so it can't be used for the exchange deposit but can be used for the mortgage deposit (if applicable).

    But sometimes people only have a 5% deposit in total so the solicitors can agree a lower exchange deposit to take into account of the bonus coming after.
    OnTheLadder wrote: »
    I just re-read the email chain. The bonus came in before completion (after exchange) when we had already sent across all our deposit and fees. I can only assume our solicitor used The bonus towards completion money and therefore refunded us that amount from what we had already sent?

    So technically they refunded you the money you "overpaid" for your deposit and used the bonus for completion which isn't against the rules.
    sugarbabe84 wrote: »
    I’ve emailed the conveyancer and surprise she responded straight away, which is out of character.

    I asked her to let me know if there are any issues that are causing me delay.

    She said it will be sent by the accounts team today via fast payment.

    They will probably spin it like what OnTheLadder solicitors did and say they are sending you back your own money as you overpaid and are keeping the Bonus for completion funds.
    But if the bonus arrived after completion then they shouldn't really be doing it.

    But i don't think you should loose out at all because it sounds like it was their fault it all came in late. Personally they deserve to have to keep pay the bonus back and pay you out their own pocket if it arrived late due to their tardiness.
  • sugarbabe84
    sugarbabe84 Posts: 259 Forumite
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    takman wrote: »
    When contracts are exchanged they usually stipulate a 10% deposit to be paid at that time. The bonus gets sent after exchange so it can't be used for the exchange deposit but can be used for the mortgage deposit (if applicable).

    But sometimes people only have a 5% deposit in total so the solicitors can agree a lower exchange deposit to take into account of the bonus coming after.



    So technically they refunded you the money you "overpaid" for your deposit and used the bonus for completion which isn't against the rules.



    They will probably spin it like what OnTheLadder solicitors did and say they are sending you back your own money as you overpaid and are keeping the Bonus for completion funds.
    But if the bonus arrived after completion then they shouldn't really be doing it.

    But i don't think you should loose out at all because it sounds like it was their fault it all came in late. Personally they deserve to have to keep pay the bonus back and pay you out their own pocket if it arrived late due to their tardiness.

    Indeed. They are so unprofessional.

    I just checked my account and they finally sent it through.

    I’ll have to set a reminder to follow up on the land registry documents. The manner in which they have managed the process doesn’t give me confidence.

    I emailed them on Friday to check that they will send the relevant forms and they said they have, but then also mentioned that it takes months for the processing to happen.
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