Help to Buy: ISA Scheme – Can we help?
In short, the answer is, yes, here at Emery Johnson Astills we offer a comprehensive conveyancing service. Some of you may be aware that on 1st December 2015 HM Treasury introduced the Help to Buy: ISA Scheme to help individuals save for their first home. The last date for you to join the scheme is 20th November 2019.
Depending on how much money you have saved in your ISA, the Government will pay a bonus of 25%. Please be aware that in order to qualify for the bonus, you must have saved a minimum of £1,600 in your ISA. You are entitled to make a one off initial deposit of £1000 (maximum) along with a maximum deposit of £200 on a monthly basis thereafter. This means that you could get a bonus of £50 per month. The maximum bonus you can get, in total, is £3000.
You must be a first time buyer, have a residential mortgage and the purchase price cannot be any more than £250,000. For properties in London, the maximum purchase price is £450,000.
What do you need to do?
Three weeks prior to the completion date, your Emery Johnson Astills advisor will ask you to contact your nominated Bank to close your ISA, obtain a ‘Closer Letter’ and forward a copy to us. We will also ask you to sign a ‘First Time Buyer declaration’. This will enable us to apply for your bonus and once approved, we usually receive payment within five working days.
If you have any questions about the Help to Buy ISA Scheme, or require assistance with either buying or selling a property or any other kind of conveyancing matter then Contact Emery Johnson Astills today on 0116 255 4855 for fast, efficient, cost-effective conveyancing.