The nervous wait to exchange....

  • Thread starter Thread starter noj
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jonneymendoza said:
Hi all. quick question. has anyone used the money they saved up on there Help to buy account on a property thats over the cap?

How does it work? Do you just simply transfer the funds from that account to your main account?

I heard there were penalties in using the help to buy scheme account on a property over the cap limit? What is this penalty charge?
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If you actually mean Help to Buy, you simply cannot use the service if your purchase is over the threshold. No penalties, you just can't use it at all.
 
squerble said:
Ooo no, that'd be depressing if we'd been waiting that long :D We started househunting over a year ago, made various offers on houses, some at £20-30k+ over asking price (and this is on 200-220k houses) and kept missing out as we weren't quite chain-free.

House 1: Offer accepted in July, got to September and solicitors started talking about completion - got results of the RICS Level 2 back (delayed due to my stupidity) and it flagged a whole raft of issues including damp in all the external walls, missing cavity wall insulation, issues with chimney, works completed without building reg certs etc, so we pulled out.
House 2: Offer accepted in Sept, got to December and about to complete - seller pulled out without reason, wouldn't tell us why, wouldn't respond to emails. We moved into my partner's parents house in this time.
House 3: Offer accepted in Jan, still waiting for completion, still with parents!
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sheesh! that is crazy. Sounds similar to what my brother went through, a few offers accepted, sellers pulled out for no reason etc etc. Took him over a year to get to completion and I think 4th house they got lucky with.

Sounds like my March -> End of June completion is all smooth sailing compared.
 
grudas said:
there's more than one scheme. The LISA which is what we used had a £450k cap and we lucky got under it. Help to buy has 250k out of london no? London was something silly like £600k or something, did you go over it? I'd read your T&C's really for current info.
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ci_newman said:
If you actually mean Help to Buy, you simply cannot use the service if your purchase is over the threshold. No penalties, you just can't use it at all.
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It is a Help to buy ISA account where you may max £200 a month .

Are you telling me thet money i saved up fpr tis is pratcically gone? Surely i can use it even if i have to pay a pen or not get the 25% government bonus ??
 
jonneymendoza said:
It is a Help to buy ISA account where you may max £200 a month .

Are you telling me thet money i saved up fpr tis is pratcically gone? Surely i can use it even if i have to pay a pen or not get the 25% government bonus ??
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Cash in a Help to Buy ISA can be withdrawn at any time without penalty, you just don't get the Government bonus.
 
jonneymendoza said:
It is a Help to buy ISA account where you may max £200 a month .

Are you telling me thet money i saved up fpr tis is pratcically gone? Surely i can use it even if i have to pay a pen or not get the 25% government bonus ??
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right, from that you can just transfer the money out and you get no benefit of saving in there afaik. I had one years ago and took all the money out of it and put in LISA. Which is different to help2buy ISA.
 
grudas said:
sheesh! that is crazy. Sounds similar to what my brother went through, a few offers accepted, sellers pulled out for no reason etc etc. Took him over a year to get to completion and I think 4th house they got lucky with.

Sounds like my March -> End of June completion is all smooth sailing compared.
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Yep, I'm extremely envious of your house purchase timeline :D
 
squerble said:
Yep, I'm extremely envious of your house purchase timeline :D
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I'm very happy with it! there was a good amount of miscommunication between EA/Sellers solicotor and them but we got there in the end. Keys in our hands very soon, can't wait. Move will be a pain but we're literally 2 roads away from our current address so it'll be as easy as it could have been really.
 
everything is taking too long :mad:

FTB no chain
seller is moving into care also no chain

10 weeks in and only at the stage of initial enquiries :mad::mad::mad::mad::mad::mad::mad::mad::mad:
 
tamzzy said:
10 weeks in and only at the stage of initial enquiries :mad::mad::mad::mad::mad::mad::mad::mad::mad:
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I'd wager a guess that the fact the seller is moving into care might be slowing things down but that's ridiculous. I don't think your solicitor needs them to do anything to do all their searches etc? :confused:
 
Your own conveyance solicitor should be doing all the searches. Once offer is confirmed they should send off search enquiries within 1 week I guess would be reasonable. Another couple of weeks to get the search results back and shared with you.
 
Can you believe house prices are still rising?

They are relaxing affordability constraints (not sure of the details)

And we have an incoming recession.

Madness. Absolute madness



Any of you guys who are FTBs with small deposits... Are you taking out long fixes?
 
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