First-time buyers risk missing out on free cash bonus

The conveyancing department of Paul Crowley & Co Solicitors are encouraging potential first-time buyers to act fast as time is quickly running out to take advantage of a generous 25% cash bonus, which is available to all first-time buyers through the government’s Help to Buy ISA scheme.

To qualify for the free cash scheme, all new applicants will need to open a Help to Buy ISA account with a bank or building society before the closing deadline, with less than a week to go the clock is ticking to sign up to the scheme as after 30 November 2019 you will have missed the deadline.

If you have previously opened a Help to Buy ISA you will remain unaffected, all existing accounts will not be closing until 1 December 2030, leaving you with plenty of time to continue saving.

By saving money with a Help to Buy ISA the government will boost your savings by 25%, so for every £200 you save, you will receive a government bonus of £50.

The maximum government bonus you can receive is £3,000, you will receive the additional bonus to your savings when you purchase your first home up until 1 December 2030.

The purchase of a house is the largest expense that most people will incur in their lifetime, so the 25% cash bonus offer comes as a welcome gift at such an expensive time for first-time buyers.

‘If you are looking to purchase your first home please give us a call, we are happy to provide extremely competitive Free No Obligation conveyancing quotes.

Jenna Gall | Head of Conveyancing
Paul Crowley & Co, Solicitors

Since the introduction of the scheme in 2013, Paul Crowley & Co’s conveyancing department has helped over 200 first-time buyers with their Help to Buy ISAs to get on the property ladder.

Paul Crowley & Co taking the stress out of buying your first home

When you are ready to purchase your first home, the conveyancing department at Paul Crowley & Co will ask at the outset whether or not you have a Help to Buy ISA. If you do, you will only be required at this stage to provide confirmation on our client care forms.

The conveyancing department will obtain contracts, deal with the legal work, and once all that is satisfied and a completion date is agreed, only at that stage will we advise you to contact your bank or building society to close your Help to Buy ISA account.

You will have to obtain notification from them to confirm that the account has been closed and you will then pass either the closing letter or statement on to us.

Paul Crowley & Co will then submit the request forms on your behalf to claim the 25% cash bonus from the government. It’s important to note the cash bonus monies can only be used by a first-time buyer to purchase a property – should completion not go ahead for any reason, then the cash bonus monies will have to be returned by Paul Crowley & Co to the government immediately.

The scheme is only available for properties purchased outside of the London area which have a purchase price of less than £250,000.

A dedicated and highly experienced conveyancing team

Paul Crowley & Co’s conveyancing department have a team of dedicated solicitors and support staff to ensure your property transaction goes through smoothly.

Though we are not regulated to give financial advice in respect of the scheme, we can discuss the process of the Help to Buy ISA and how it’s applied to buying your first home.

To discuss our conveyancing fees and obtain a free conveyancing quote