Divorce & Family
We are a leading team of Divorce and Family Solicitors with our specialist divorce solicitors providing expert advice about divorce and separation.
Our property lawyers will explain every step of the conveyancing process, and make it as professional, swift and seamless as possible.
If you are a first-time buyer looking to purchase a new build property then you may have heard of the Help to Buy Equity Loan scheme. The current government scheme provides five-year interest-free loans to first time buyers on eligible new build properties with only a 5% deposit.
It is therefore not surprising that many first-time buyers have used the scheme as a tool to step on the property ladder.
However, despite the popularity of the scheme, it has been announced that the scheme is coming to an end in March 2023. If you are planning on using the scheme, it is vital that you are aware of the key dates below to avoid missing out on your dream home.
31 October 2022
31 December 2022
31 March 2022
You will not be eligible to use the equity loan scheme if any of these deadlines are not met. However, buyers of any properties that are not build complete by the 31 December 2022 will be able to reclaim any reservation fee paid to the developer if they do not wish to continue with the purchase.
Developers should be aware of these deadlines and communicating these deadlines to buyers, but we know from practice that this is not always the case. If you are a first time buyer purchasing a property with the Help to Buy Equity Loan Scheme, we strongly recommend speaking to your solicitor and the developer about the key dates to ensure that you don’t miss out.
Please do not hesitate to contact Poole Alcock’s specialist new build team – we have extensive experience in purchase transactions using the Help to Buy Equity Loan scheme. Call us on 0800 470 0336, or go online: Poole Alcock Solicitors | Expert Law Firm | Committed to Excellence.
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