Help To Buy Your New Build Home
- AuthorEmma Gilroy
Are you thinking of buying a New Build home or your very first property to allow you to get on the property ladder? Do you know the Welsh Government have a scheme that could help provide the financial assistance you’re looking for to buy your New Build home?
The Help to Buy Wales Conveyancer Accreditation Scheme was launched due to the number of errors being made by professionals in submitting the required paperwork to Help to Buy Wales, which was causing unnecessary delays in funds being released in time for completion. JCP is proud to have team members who are accredited members of the scheme.
What is Help to Buy (Wales)?
Help to Buy (Wales) provides a shared equity loan to buyers of new-build homes up to a value of £300,000. The scheme is open to both first time buyers and existing home owners who are purchasing a new-build property.
The new-build home you are buying, must be purchased through a registered Help to Buy (Wales) builder in order to qualify.
How can it help you?
The scheme provides a shared equity loan of up to 20% of the purchase price. The maximum equity loan that can be offered is £60,000. To qualify, you must provide a minimum 5% deposit and the remainder of the purchase price must be financed with a repayment mortgage from one of the registered Help to Buy (Wales) lenders. The property must be your only property and you must occupy it once purchased.
Funds from a first time buyer Help to Buy ISA can also be used towards your purchase, but this must have been opened before 30 November 2019. Provided the ISA was opened prior to this date, you can continue paying into the account until 30 November 2029. There are conditions for use of the funds as well as a process that must be followed in order to claim the bonus payment. Please speak with your Conveyancer for further details.
If you are looking to purchase your home with the benefit of the Welsh Government Help to Buy scheme and you require further information, please feel free to contact our specialist residential conveyancing team at JCP Solicitors who will be happy to assist.
Can I buy a New Build during the pandemic?
Although there are difficulties with home moves at present due to Covid-19, we are still seeing purchases of new build homes proceeding. This is due in part, because the property being purchased is vacant and unoccupied as it has just been built.
To read more about our top tips for buying a New Build property, click here.
Emma Gilroy heads up the Residential Property teams across all of our offices in South West Wales and South East Wales. Emma has acted on behalf of a large public sector organisation with their wide-ranging property needs and also continues to act for property investors with significant commercial and residential property portfolios.
COVID-19 UPDATE : In support of the UK Government, we have implemented our complete home working strategy. From our Clients' perspective, we do not envisage any major interruptions to our service. Emails and incoming phone calls will reach us as normal.