Conveyancing Questions Answered – Part 3
Moving home is listed as one of the most stressful things a person will do in their lifetime, but why is this? A lot of the time it is because of being let down by a Buyer or Seller, or timescales being delayed and target moving dates missed, however it can also be due to the whole process seeming complicated and difficult to understand.
I always say to my clients that there is no such thing as a stupid question when it comes to Conveyancing, as after all some of us may only move once or twice in our lifetimes, and so why would this make us experts in such matters?!
Every day when speaking with my clients, I am asked a variety of questions that come up time and time again, and so I wanted to share some of these common queries with you in order to try and explain the Conveyancing process in more detail, and break down some of the areas that often cause the most confusion.
Each week I will be sharing with you examples of some of the questions that have been raised by my clients* during the course of their property transactions, and the advice and explanations given to them to help them understand the process of moving home.
(*names will be not be shown in full for confidentiality reasons.)
"I have a Help to Buy ISA. When do I need to close the account in order to get my bonus payment ?"" - Miss. T - Coventry
The Help to Buy bonus can only be claimed once a completion date for your purchase has been set. You can however, close the account at any time, and so the funds in the account can be used towards your deposit payment, however the bonus payment can only be claimed at the point of completion towards the cost of purchasing your new home.
Once you have closed your ISA account, you need to send your Closing Statement to your Solicitor, along with a 'Help to Buy ISA Declaration' form that they will be able to provide you with, and your Solicitor will then apply for the bonus payment on your behalf.
It is important that you allow enough time to close the account and get the Closing Statement to your Solicitor, prior to your completion date, as the bonus payment cannot be claimed after you have completed your purchase.
Some Banks and Building Societies are able to let you have the Closing Statement over the counter in branch, however some online or postal accounts will require the statement to be posted to you, which can take up to 7 working days in some cases, and so it is important to do your homework in the run up to your completion date, to ensure that you do not miss the opportunity to claim your bonus.
The minimum government bonus is £400, meaning that you also need to have saved at least £1,600 into your Help to Buy: ISA before you can claim your bonus.
This concludes the FAQ for this week. Visit next week for more answers to your questions. If there are any conveyancing issues you'd like Band Hatton Button's assistance with please get in touch.