Help To Buy Solicitors
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.
Help to Buy consists of three main elements to help you buy your first home: a government-backed mortgage guarantee, an equity loan and (perhaps most importantly) a Help to Buy ISA which the governments tops up by 25% when you come to buy your house.
However, in order to claim the Help to Buy bonus, one of our property solicitors in Bristol will need to apply for the 25% extra cash on your behalf when you purchase the property.
Can my partner + 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 – for example, by having separate Help to Buy ISAs and both claiming the bonus.
But if you’re buying with your partner and aren’t married, or you’re clubbing together 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 solicitor will be able to advise you on this and other legal aspects
Can I used Help to Buy with shared ownership?
The short answer is yes. You can use money from your Help to Buy ISA to buy a stake in a shared ownership property or potentially take out a government equity loan if the property is newly built.
You cannot, however, use the government mortgage guarantee with a shared ownership house or flat.
Our expert property solicitors in Bristol are experienced in advising Help to Buy clients and completing first-time property transactions. For a free quote, complete our short form. Our charges are transparent and we quote for all fees and disbursements up front, meaning that you’ll understand the full extent of your conveyancing charges from the very start.