Help to Buy Solicitors

The government's Help to Buy ISA scheme offers high interest rates and matched contributions from the government towards a flat or house purchase. While the scheme is no longer open to new applicants, account holders can still pay into their account until November 2029, and claim a 25% bonus on their deposit until November 2030.

If you are considering using the scheme, you will need to seek legal advice from a solicitor with extensive knowledge of the initiative. JMW's expert real estate residential solicitors will advise you on your options, giving you clear advice and guidance that will make the buying process more straightforward.

For advice and assistance from our Help to Buy solicitors relating to all aspects of the scheme, call 0345 872 6666, or complete our online enquiry form and we will get back to you.

How JMW Can Help

The real estate residential team at JMW has years of experience in property matters, including dealing with mortgage lenders and the technical aspects of conveyancing. Our Help to Buy solicitors are knowledgeable on all areas related to the scheme and the latest changes, and our no-nonsense advice can help you decide the best option for you and your family.

When you contact us, you will be able to discuss your situation with an expert property solicitor. The Help to Buy scheme can involve complex processes, particularly now that it is closed to new applicants. We can advise you on how to redeem the government bonus and make the other aspects of your transaction as smooth as possible by assisting with Land Registry and Stamp Duty Land Tax returns.

JMW's property conveyancing solicitors offer specialist help on a range of matters connected to buying a property, alongside the fundamental requirements before and after the sale completes. We will be able to explain the process to you in easy-to-understand terms, to give you the confidence to make decisions and work towards success. Discuss all of the affordable housing options available, as well as their pros, cons, costs, legal implications and help to buy solicitor fees with JMW.

Meet Our Team

JMW’s real estate residential team offers expert Help to Buy conveyancing advice and support for first-time buyers taking their first steps on the property ladder. We take care of all the legal aspects of conveyancing and Help to Buy redemption to make the process as stress-free as possible for you.

What Is Help to Buy Conveyancing?

Help to Buy conveyancing means taking care of the legal requirements of transferring ownership of a property from a seller to a buyer, while taking into account the nuances of the financial products available under the former government's Help to Buy scheme.

Help to Buy enabled people in the UK to buy a property with a low deposit, and was designed to help buyers who would otherwise be unable to afford their own home. While the scheme is no longer open, those who applied or opened accounts before the cutoff date can still benefit from financial help until 2030.

Aspects of the former scheme include:

• Help to Buy ISA - for first-time buyers in the UK. Those who still have a Help to Buy ISA can use it towards the purchase of a home and will require legal advice
• Equity Loan - for brand new homes in England
• London Help to Buy - for brand new homes in London

While new applicants cannot benefit from the scheme, you can find other options on the government website that offer support to purchase a home.

Our Help to Buy ISA solicitors will explain how account holders can continue to benefit from the scheme when making a mortgage application, and take care of the legal aspects to make buying a property as simple and straightforward as possible.

How Does Help to Buy Work?

Help to Buy works differently depending on which scheme you use. The Help to Buy ISA is the only product that is still available to buyers who opened an account before 30th November 2019.

Help to Buy ISA

While this scheme is closed to new accounts, those who opened a Help to Buy ISA before 30th November 2019 can continue saving until November 2029.

The Help to Buy ISA is a savings account that you are able to use specifically to buy a new-build property. The government contributes a 25% bonus to your saving, up to a maximum of £3,000. The maximum amount that you can put in this account per month is £200.

You can only use a Help to Buy ISA now if you opened one prior to 30th November 2019. To benefit from the government bonus, you must be:

• A first-time buyer who does not own any property anywhere in the world
• Aged 16 or over
• Purchasing a property worth £250,000 or less outside of London. The maximum price for properties in London is £450,000

When you are close to purchasing your house, your conveyancing solicitor will make an application for funding. The funds will be applied to the completion funds as soon as they are received from the government. The incentive cannot be used to increase your deposit or to cover any other expenses, such as the price of hiring a third party to conduct research or conveyancing searches for you.

Help to Buy: Equity Loan

The 2013-2021 Help to Buy: Equity Loan programme is no longer accepting new applications. On 16th December 2020, a replacement Help to Buy: Equity Loan scheme (2021-2023) opened to new applicants, but this has also since closed.

Help to Buy: Shared Ownership

Shared ownership gives you the option to buy between 25% and 75% of a newly constructed home if you cannot afford a mortgage for the entire property, and pay rent on the remaining share. Later on, you can purchase more shares (a process known as "staircasing"). Unlike other aspects of the Help to Buy scheme, this is still available to new applicants.

Shared ownership is open to anyone whose household's annual income is £80,000 or less (or £90,000 in London) and who meets at least one of the following conditions:

• You are a first-time buyer
• You can no longer afford to buy a home, even though you used to own one
• You cannot afford a home that meets your needs, even though you currently own a property
• You are a current shared owner who wants to relocate
• You are forming a new household

If you are elderly or have a disability, there are dedicated shared ownership schemes you can use to help you buy housing that suits your needs.

What Is the Help to Buy Process for Buying a House?

A set procedure must be followed in order to use Help to Buy to purchase a home:

1. Check your eligibility: to benefit from Help to Buy, you must be a first-time buyer, have a least 5% deposit toward the purchase of the property, own no other properties and have no past-due loans.
2. Choose an approved property to buy that qualifies for Help to Buy.
3. Obtain your "authority to proceed" by applying to a government-appointed Help to Buy agent, who will assist you in filling out the Help to Buy Property Information Form after you have identified a property and paid your reservation fee.
4. Get a Help to Buy mortgage. There are now only a few mortgage companies in the UK that offer these loans. You have the option of applying directly to these lenders or via a mortgage broker.
5. Consult a Help to Buy solicitor, if you have not done so already. Once you have secured a mortgage, you will need a solicitor to handle the conveyancing work. The Help to Buy conveyancing procedure is identical to standard conveyancing, with the exception that the solicitor must handle the unique requirements associated with the programme. It is crucial to select knowledgeable Help to Buy solicitors for this sort of conveyancing because it calls for meticulous attention to detail.
6. Review the draft contract provided by the seller and raise or resolve any legal concerns.
7. Pay a 10% deposit. When your Help to Buy solicitor receives an "authority to exchange”, you can exchange contracts.
8. The developer gives you two weeks' notice to prepare for completion, at which point the property will be yours once you pick up the keys.

For further information on what to expect from the conveyancing process, read our guide to buying a property or get in touch with our team.

How Long Does the Help to Buy Conveyancing Process Take?

The conveyancing process is different in every case. Even from the point that you have agreed a mortgage and hired a solicitor to handle the conveyancing, the time it will take to complete varies based on certain elements, such as:

• The time needed to finish a final draft of the exchange contracts
• The three to five working days it takes to get your authority to exchange so you can trade contracts
• The amount of time it takes to build a property (the developer should give you an idea of when this will be)
• The 12 days it takes for Help to Buy funds to be released to the developer

Standard mortgage offers last between three and six months, so it is important to make sure your mortgage does not expire before the purchase is final. Our team understands the nuances of this process and our Help to Buy solicitors assist clients to make sure all the necessary deadlines are met.

Restrictions of the Help to Buy Scheme

There are a number of restrictions that may prevent you from claiming the government bonus under the Help to Buy scheme. The property you wish to buy must be for your own use (i.e. you cannot sublet it to someone else), and your mortgage must include repayments and not just be interest-only. Other examples of restricted mortgages include offset and guarantor.

For those moving house, the only property you should own is the home you will be selling at the same time as buying. Also, your deposit cannot be paid by a government scheme. If you need advice on any aspect of the scheme, contact our Help to Buy conveyancing solicitors today and we will provide the information you need.