Help To Buy Solicitors
As a first-time buyer, getting on the property ladder can be tough, but the government’s Help to Buy scheme can make a huge difference to the fortunes of first time property buyers.
The Help to Buy scheme opened to new applicants on 16th December 2020 and will run until 31st March 2023.
What is Help to Buy?
Help to Buy is a government initiative to help first-time buyers get onto the property ladder. It is an equity loan from the government which can be used alongside your own deposit to buy a new build property.
The amount you can borrow is up to 20% (40% in London) of the property’s value and you will need to put down a deposit of 5% and get a mortgage in place.
Get in touch with our Help to Buy solicitors
Our new build conveyancers can help guide you through the process of buying a new home using the Help to Buy scheme. We take the stress and confusion out of purchasing your first home.
How do I apply for the Help to Buy scheme?
You can apply for your equity loan directly through your local Help to Buy agent, which you can find on the Help to Buy website.
Before you apply, make sure you have your own deposit of 5%, funds to pay for the legal fees and a fee to reserve your new build home.
Once you have your Help to Buy equity loan confirmed, you can then instruct a conveyancing solicitor.
Can my partner and I both use Help to Buy?
If you’re buying a house with someone else, you can both benefit from the Help to Buy scheme, as long as you are both first time buyers.
But if you’re buying with your partner and aren’t married, or even purchasing with a friend, you need to make sure you have an agreement in place over the amount of equity you will each own and your rights as co-owners of the property. Your conveyancing solicitor will be able to advise you on this and other legal aspects
Can I use Help to Buy with shared ownership?
The short answer is yes. You can use money from your Help to Buy equity loan to buy a stake in a shared ownership property or potentially take out a government equity loan if the property is newly built.
When do I have to pay the equity loan back?
The Help to Buy equity loan is interest-free for the first five years. You will start making repayments in the sixth year.
Contact our Help to Buy conveyancing solicitors today
Our expert new build solicitors in Bristol and South Gloucestershire are experienced in advising Help to Buy clients and completing first-time property transactions.
For a free, instant quote, complete this short form. Alternatively, you can call us on 0117 325 2929. Our charges are transparent and we outline all fees and disbursements up front, meaning that you’ll understand the full extent of your conveyancing charges from the very start.