Residential Conveyancing
and Commissioner for Oaths
Help to buy
The government has created theHelp to Buy: ISA which pays first-time buyers a government bonus. For example, save £200 a month and they add £50, up to a maximum of £3,000, boosting ISA savings of £12,000 to £15,000.
There are a number of rules to adhere to which relate directly to the scheme of your choice. as well as the usual legal stages that must be undertaken as with any conveyancing process.
Shared Ownership is an affordable way to part buy and part rent your home. It is partly financed by a Government grant, so cheaper than buying a property outright and the combined monthly rent and mortgage payments are lower than the monthly cost of a full mortgage. You can buy as little as 25% or as much as 75% with an option to buy further shares when you can afford to do so. This is called staircasing. Although you may not own the property outright initially, you are a shared owner with the normal rights and responsibilities of a full owner occupier. When you wish to sell your shared ownership in the property there may be a requirement to offer it to another household nominated by your landlord (the council or housing association) for the agreed market rent. Your landlord may wish to buy the property back from you to offer it to other households who want to enjoy low-cost shared ownership. They'll tell you if they want to do this when you tell them you want to sell. We have a wide experience of shared ownership conveyancing and can advise you on the processes whether buying or selling.
If you are using a Help to Buy ISA for your first purchase then we can assist you with all of the rules and guidelines which go with it. The Help to Buy: ISA bonus must be claimed on your behalf by us in anticipation of the completion date. The bonus must be included with the funds consolidated at the completion of the property transaction. The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.