Those looking to buy their first home can now save money into a Help to Buy ISA to assist with saving towards their purchase.
The Government has committed to boosting ISA savings by 25% up to a maximum bonus of £3,000. The bonus cannot be used as part of the deposit but must form part of the completion funds. It cannot be reimbursed to clients retrospectively. To do otherwise would go against the Scheme Rules which can be found here: https://www.helptobuy.gov.uk/
Of course, if you have a genuine simultaneous exchange and completion, you may apply for the bonus in anticipation of exchange. It takes approximately 7 days to turn claims around.
Conveyancers can charge a supplement fee of £50 for the additional work involved in drawing down ISA bonuses.
Til next time folks….