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Can we use the maximum relief of our Help to buy scheme?

  • 17-07-2019 6:56am
    #1
    FrankC21
    Registered Users, Registered Users 2 Posts: 808 ✭✭✭


    Hi,

    My wife and I got approved of 17k max relief from help to buy scheme, and we are wondering if we can use all of that amount to cover the additional fees including legal fees and stamp duty.


    the value of the new build house is 260k.

    90% = 234k
    10% = 26k
    1% stamp duty = 2600

    Our own savings to date is 17k

    (Just for our own calculation)Sample Charges for a Property purchase costing €300,000:

    Typical Legal Fees €1,537 (Inc VAT)
    Search Fees €150
    Commissioner for Oaths €44
    Land Registry Fee €700
    Land registry Fee for certified copy Folio €40
    Land Registry Fee on Mortgage €175
    Grand Total including VAT €2646

    Surveyor €150

    Calculation

    10% €26k
    1% €2600
    Legal fees €2646
    Surveyor €150

    Total cost amount that we have to shoulder is €31,396

    Can we possibly balance it that we can use the maximum HTB relief of 17K to pay almost half of the total cost.


Comments

  • #2
    EriT
    Registered Users, Registered Users 2 Posts: 113 ✭✭EriT


    No , 5% of 260,000 only as far as I'm aware


  • #3
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    The HTB is either 5% of the house value (13k) or your max relief (17k) whichever is lower, so no.


  • #4
    Paul_Mc1988
    Registered Users, Registered Users 2 Posts: 748 ✭✭✭Paul_Mc1988


    It's 5% the value of the house. The house is 260k so you get 13k from the revenue . This 13k get paid directly to the builder and you give another 13k which covers the 10% deposit


  • #5
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    Note that you will also need about 20 grand purely just to fit out the house. Floors, beds, furniture etc. If you just live with what you have you may be able to peg it back a bit, but in and around the 20 mark is where most new homeowners seem to be coming.


  • #6
    FrankC21
    Registered Users, Registered Users 2 Posts: 808 ✭✭✭FrankC21


    Hi,

    I also just want to make sure, we already put €5k downpayment for securing the house, does that get taken away from the 10% deposit which means
    €13k - €5k = €8,000?


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  • #7
    el Fenomeno
    Registered Users, Registered Users 2 Posts: 3,480 ✭✭✭el Fenomeno


    FrankC21 wrote: »
    Hi,

    I also just want to make sure, we already put €5k downpayment for securing the house, does that get taken away from the 10% deposit which means
    €13k - €5k = €8,000?

    Yes.

    10% has to be paid on signing the contracts.

    Your 10% will consist of:

    €13k Help-to-Buy contribution
    €5k booking deposit (already paid)
    €8k balance remaining


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