Government's Help to Buy application deadline brought forward by 2 months

9 Jun

Written By

Written by Louis Brown | Residential Property |9th June 2022

**Recently, there has been a big announcement relating to a change to the Government Help to Buy (Equity Loan) Scheme's deadline.**
**If you are a First Time Buyer looking to purchase a new build property in England and Wales, you will have almost certainly heard of the Government’s Help to Buy Equity Loan Scheme.**

The Scheme is available for the purchase of new build properties from certain developers up to a maximum price (dependent on the region). You must be able to afford a 5% deposit and the fees associated with the purchase (think solicitors fees, mortgage application fees etc.) to have your application approved.

5 Things You Need to Know About the New Help to Buy Deadline

We have compiled some of the key information below:

1. The Basics

Homes England, who run and administer the Help to Buy Equity Loan Scheme, have recently confirmed that the Scheme is coming to an end two months earlier than initially advertised.

Similarly, the application for Help to Buy's deadline has been brought forward to try to ensure that there is sufficient time to complete the purchase before the scheme closes.

2. Application Deadline

All applications to the Equity Loan Scheme must be received by Homes England by 6pm on 31 October 2022.

3. Practical Completion Deadline

The property must be ‘ready for practical completion’ by 31 December 2022. This means that the property must be built and ready to be lived in.

4. Legal Completion Deadline

You must have legally completed on or before the date that the Scheme closes on 31 March 2023.

5. What the Developer Can’t Complete by The Deadline?

When discussing your options with the developer, they should inform you in the first instance whether or not they will be able to meet the new deadlines. It would be recommended that you specifically ask the question before reserving or committing to purchase any property.

If the developer cannot meet the above deadlines, you will not be able to use the Help to Buy Scheme to purchase the property in question.

Homes England have not yet released any further advice as to what will happen if you are mid-way through a transaction when it becomes apparent that the deadlines cannot be achieved. If there is any uncertainty as to whether the dates can be achieved, it is likely that the Scheme will not be available or approved for the desired purchase.

If you cannot use this Scheme, you will need to consider what other options are available to you in terms of funding. The Government very well may provide further advice closer to the end of the application deadline.

What To Do Next

If you are looking to make the most of the Government’s Help to Buy Equity Loan Scheme before the deadline passes – why not generate a quote or request a call back from one of the team?

For more information on how the Help to Buy Equity Loan Scheme works, please click the following link: Government Schemes

Speak with our Residential Conveyancing Team

Alternatively, if you would like to speak to one of the team to discuss your options in more detail please call: **01752 827069** or **request a callback**.

Related insights

Insights

What Are the Legal Requirements for Second Home Ownership?

Owning a second home has become a popular investment choice for many, whether it’s a holiday retreat, rental income, or long-term capital growth. This form of property ownership carries specific legal implications that are essential to understand.

How much Stamp Duty will I pay when buying a high value property?

Buying a higher value property invariable means that you are going to be paying more Stamp Duty Land Tax. This tax, which applies to most property purchases, can significantly impact the total cost of buying a property.

What Should I Consider When Buying a Listed Building?

Listed buildings are legally protected due to their importance, with specific guidelines and regulations in place to manage their preservation. Gaining a clear understanding of the legal and practical considerations involved in owning, managing and altering a listed building is essential in the purchasing process.

What Are the Key Challenges in High-Value Property Transactions?

High-value properties represent a unique segment of the property market; the process of buying and selling these properties involves additional requirements to other types of property transactions. This brings its own set of special considerations and steps that, with the right support, can be navigated to ensure a smooth process.

National Conveyancing Week: Initial Set-Up

It’s National Conveyancing Week and our Conveyancing team have each written a blog to explain their role in your property transaction. Starting with Day 1, Isobel Knapman, Administration Assistant, and Amanda Pickman, Legal Assistant, explain how their roles are your first port of call.

National Conveyancing Week: Documents

It’s National Conveyancing Week and our Conveyancing team have each written a blog to explain their role in your property transaction. Next up is Donna Taylor, Trainee Chartered Legal Executive, and Beth Bradshaw, Legal Assistant.

National Conveyancing Week: Report

It’s National Conveyancing Week and our Conveyancing team have each written a blog to explain their role in your property transaction. Alex Meyer, Amy Paterson and Rhiannon Moore explain the ‘report on title’ in more detail.

National Conveyancing Week: Exchange & Completion

It’s National Conveyancing Week and our Conveyancing team have each written a blog to explain their role in your property transaction. James Kerswill & Emily Nunn outline the exciting steps of exchanging and completing.

International Women’s Day Insights: Amy Paterson, Associate Solicitor

This International Women's Day, we're highlighting the journeys, challenges, and experiences of our female lawyers. Their stories show the importance of diversity, resilience, and empowerment in shaping an inclusive legal community. Amy Paterson, Associate Solicitor in our Residential Conveyancing Team, has shared her thoughts about the importance of work-life balance in the blog below.

Do I need a Declaration of Trust when buying a property with a partner or friend?

Buying a property together is a milestone for any couple, but for unmarried partners, it comes with it’s own unique considerations. If your relationship is not legally recognised by a marriage or civil partnership then your contributions to a jointly owned property can be particularly vulnerable in the event of a separation.

Help to Buy Scheme