9th February 2023 | Claire Levy | residential, residential real estate
In this short article, Solicitor Claire Levy in the Sherrards Residential Real Estate department, highlights the upcoming dates that will see the end of the Help to Buy scheme. Here is what you need to know.
The Help to Buy scheme was introduced in 2013 to provide equity loans towards the cost of buying a new-build home, and helped over 500,000 first-time buyers buy a property. Although it has helped many, the Government has no plans to extend the scheme and time is running out for those in the middle of transactions and building.
Conveyancers, solicitors, estate agents and homebuilders dealing with Help to Buy matters need to add these dates to their calendars: 17th and 31st March 2023, and here’s why:
Friday 17th March 2023
Homebuilders must have finished building homes, using Help to Buy, on or before 17th March so that they are ready to be lived in. This is called Practical Completion, and it is when your home is built and has received a new-home warranty. After this date, the property will not be able to use Help to Buy.
Friday 31st March 2023
The Help to Buy scheme ends on this date. Home buyers need to have legally completed their purchase using the Help to Buy: Equity Loan by this date.
Funding for Help to Buy is unavailable after 31st March 2023 under any circumstances so purchasers that legally complete after this date will not qualify for a Help to Buy: Equity Loan.
If you are currently having a house built, or are in the middle of trying to complete your conveyancing, now is the time to check with your home builder, conveyancer and estate agent that these dates will be met so you still qualify for the scheme.
For more information regarding Help to Buy closing, please follow this link to go to The Government’s website.