A factsheet on the Help to Buy: ISA scheme has recently been released by HM Treasury.
Aimed specifically at conveyancers, the factsheet intends to clarify the time at which the bonus can be used as well as the process involved in actually claiming it. This is due to reported levels of uncertainty surrounding this issue.
It also aims to dispel common misconceptions about the bonus: for example, it cannot be used to fund the deposit on a property. The governmental funds can only be used to top up the completion monies.
It is recommended that the factsheet is worked through with the buyers who are choosing to use the scheme and could be especially helpful when explaining the funding of the purchase.
Commenting on the importance of the information for conveyancers, HM Treasury stated: ‘Since the launch of the Help to Buy: ISA scheme on 1 December 2015, over 60,000 first-time buyers have been supported through the scheme onto the housing ladder.
This has been made possible by the direct role conveyancers play in the Help to Buy: ISA in confirming, applying and claiming a first-time buyer’s government bonus. To support conveyancers in their participation in the Help to Buy: ISA, HM Treasury has produced a Conveyancer Factsheet.’
The factsheet can be accessed here.
Further information for conveyancers on the Help to Buy Scheme can be accessed here.
