Help to Buy Schemes - An Update for Conveyancers
Governments have a habit of bringing in headline grabbing legislation but for the conveyancer this results in the need to learn yet more formalities, details and form filling let alone being equipped to answer the inevitable questions from your clients.
There are several schemes currently operating and you need to have at least a basic familiarity with all of them.
The 2018 Budget announced the extension of the Help to Buy Equity Loan scheme until 2023 (on certain conditions) - this is expected to help around 120,000 UK families buy a new build home by then, another 25000 having already benefited from these loans.
Help to Buy may ‘make the dream of owning your own home a reality…’ but for the conveyancer of course there is a different reality - that of becoming familiar with the procedures, rules and timing and getting to grips with a forest of paperwork - and getting it right!
What You Will Learn
This webinar will cover the following:
- Temporary SDLT relief from 8 July 2020 to 31 March 2021
- Shared Ownership Schemes - a reminder and explanation of some of the pitfalls, model lease requirements, valuations, mortgagee protection clauses and disclosure, staircasing, sales and pre-emption, SDLT options
- SDLT relief for first time buyers
- Help to Buy equity loans - eligibility, price limits, role of Help to Buy Agents and Homes England, details of extended scheme to 2023, fees and charges, calculation of equity stake and redemption, sales, arithmetical illustrations, FAQs, costs and London Help to Buy
- Homes and Communities Agency (HCA) [Homes England] - the information pack and equity loan instructions to conveyancers, steps to follow at each stage of the scheme
- Provider's sale contract provisions and housebuilder and developer participation guidance
- Help to Buy ISA - the Government helping first time buyers to raise the deposit
- 20% Discount via ‘Starter Home Initiative’, Armed Forces - MOD interest free loans, differences in Wales, lifetime ISA
This webinar was recorded on 7th January 2020