Summer is always busy in Wake Smith’s conveyancing department as people look to secure their new home after a raft of Spring viewings.
For many people, especially young individuals or couples, buying their own home may seem a pipe dream as prices escalate and the cost of living rises.
Latest research from consumer group Which revealed that buying a home was ranked the number one consumer concern for half of 18 to 34 year olds with 49 per cent of younger people saying home buying was their biggest worry.
However, commercial property solicitor Tom Weightman looks at how on residential purchases Wake Smith is increasingly dealing with more and more home buyers through the Government’s Help to Buy: ISA scheme which is helping hard-working people save towards their first home.
Tom said: “The Help to Buy: ISA is available from a range of banks, building societies and credit unions.
“First time buyers can save up to £200 a month towards their first home with a Help to Buy: ISA and the government will boost those savings by 25%.
“That’s a £50 government bonus for every £200 saved, up to a maximum government bonus of £3,000. Plus when you start your account in your first month, you can deposit a lump sum of up to £1,200.
“The accounts are available to each first time buyer, not each household. This means that if you are planning to buy with your partner, for example, you could receive a government bonus of up to £6,000 towards your first home.
“The bonus is available for home purchases up to £250,000 outside London.
“When you are close to buying your first home, you will need to instruct a solicitor or conveyancer to apply for your government bonus.
“Once they receive the government bonus, it will be added to the money you are putting towards your first home.
“The bonus must be included with the funds consolidated at the completion of the property transaction.”
“The bonus cannot be used for the deposit due at the exchange of contracts, to pay for solicitor’s, estate agent’s fees or any other indirect costs associated with buying a home.
“It really is in people’s interest to open an account and start saving and we could be helping you get the keys to your new home sooner than you think.”
To qualify for a Help to Buy: ISA you must: be 16 or over; have a valid National Insurance number be a UK resident be a first time buyer, and not own a property anywhere in the world and finally not have another active cash ISA in the same tax year. If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps.
For further information on property matters contact Tom Weightman at Wake Smith Solicitors on 0114 266 6660.
