I have a Help to Buy ISA – How do I claim the 25% bonus?
If you are a First Time Buyer and have a Help to Buy ISA please always let your Conveyancer know at the beginning of the matter as the bonus can only be claimed by your Solicitor/Conveyancer and must be done prior to completion.
Please also note that to be eligible for the bonus there is a cap on the purchase price of your property which is up to £250,000 unless in London (up to £450,000) and must be the only home you will own and where you intend on living. Another important factor is that you must be purchasing with the aid of a mortgage.
To enable us to request the 25% bonus from the Government, Help to Buy have a portal for requests which we submit as your Conveyancer.
There are two documents which need to be uploaded:
- First Time Buyer Declaration
- Closing Account Statement from your bank
Throughout your matter we will provide you with the First Time Buyer Declaration which we will ask you to complete and return to us prior to exchange of contracts.
With regard to the funds in your ISA – please do not transfer the funds before closing the account as the closing statement required to request your funds will then state that the closing amount was £0 and therefore there will be no bonus.
You will need to first close your account – this is best to be done in branch and they will then either give you a closing statement or they will organise for one to be sent in the post to you. We would recommend doing this just prior to exchange of contracts as the closing statement may take a few days to come through from your bank.
When you close the account, the bank will request your bank details for the closing balance to be transferred to. Best thing to do is to have them send it to your own account and then you can send to us when needed.
Once you receive the Closing Statement, please send this to us.
Following exchange of contracts, we will then submit our request for the bonus which will be sent to us prior to completion.
If you are thinking of purchasing a property and would like to discuss the conveyancing process, please do not hesitate to contact a member of our Conveyancing Department and we would be most pleased to help.