Help to Buy ISAs - Explained - Part Two

Published by on

Explaining what you need to do and what we do nearer to the completion of your property purchase in order to claim and receive the bonus.

You've saved in your Help to Buy ISA and made an offer on your property. What now?

Part One: What is a Help to Buy ISA?

Closing the Help to Buy ISA Account

Once we are sure that your purchase of the property will be going ahead, and this will be probably about one to two weeks prior to the completion date, we shall ask you to go to your bank or building society to close your Help to Buy ISA Account.

Closing Statement

You should get your bank or building society to give you a written closing statement for your account as you will need to bring that to us.

Signing the Declaration Form

When you hand in the closing statement, we shall ask you to sign a Declaration Form confirming various matters including the declaration that you are a first time buyer. 

Applying for the Bonus

We then submit the Bonus Request Application to the Government who will process the application and then let us know the amount of the Bonus. The Government will then send us the Bonus payment usually within a couple of working days.

Is there an extra fee for the additional work?

Yes. Unfortunately, because there is quite a lot of additional work involved, we do charge a fee of £50 + VAT (£60 in total) to cover the extra work.

Useful Websites

You can find out more information about the Help to Buy: ISA Scheme at the following website:

https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

 

If you are a first time buyer, remember that at Cameron Stephen & Co. Solicitors and Estate Agents Edinburgh, we have helped hundreds of people like you buy their first home. Why not give us a call to find out how we can help you? Our number is 0131 555 1234.

Tags

Related Articles