Help to Buy
If you are considering making use of the government’s Help to Buy scheme to purchase a house or flat, you will need to seek legal advice from a solicitor with extensive knowledge on the initiative.
At Ukconveyance, our expert real estate residential solicitors will advise you on your options, giving you clear advice and guidance that will help you come to the right decision.
What is Help to Buy?
The government’s Help to Buy scheme offers Britons – who may otherwise have not been able to afford it – the chance to buy a property with a deposit as low as 5%. There are a variety of options, each available to certain people and with their own advantages. These include:
- Help to Buy: ISA – for first-time buyers in the UK
- Shared Ownership – for owning a share of a home
- Equity Loan – for brand new homes in England
- London Help to Buy – for brand new homes in London
For more information about the Help to Buy scheme and the options available to you, visit the government website.
Our specialist property solicitors will be able to discuss with you all of the affordable housing options available, as well as their pros, cons, costs and legal implications. We can also help if you are considering selling a property via the Help to Buy Scheme.
Restrictions of the Scheme
There is a number of restrictions that may prevent you from applying for a Help to Buy scheme. The first is that the property you wish to buy must be for your own use (i.e. you cannot sublet it to someone else), while your mortgage must include repayments and not just be interest only. Other examples of restricted mortgages include offset and guarantor.
For those moving properties, 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.