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2017-21 help to buy scheme - megathread. All help to buy discussion here please

PedroDublin

Hello everyone, what do you think the purchase date mean on the new help to buy scheme? Contracts signed by buyers, contracts received, mortgage withdrawal, closing date..... I have seen different things on different news

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myshirt

What way is this playing out for those with 5% deposit, and depending on the 5% income tax rebate?

Are there banks giving bridging finance until you receive? Or developer accepting an indicative letter of approval from Revenue?

cronos

Pedro32561 wrote: »

There are two stages to the process:
1. Application - which tells you the amount you are eligible for. You can give this information to your mortgage provider when applying, so they know you are eligible for the grant.
2. Claim - when you have signed contracts. This is when you upload the detailed information and the grant is processed and paid to the builder.

Is it still paid to the builder if you signed your contract in August but you snag/take out the morgage in January/February?

Pedro32561

cronos wrote: »

Is it still paid to the builder if you signed your contract in August but you snag/take out the morgage in January/February?

I believe it's refunded directly to you in the case of contracts being signed during the qualifying period in 2016. I presume in this instance you would have paid the 10% deposit directly to the builder at the time of contract signing, whereas going forward the buyer will pay 5% to the builder and Revenue will pay the remaining 5% directly.

bizebee

Does anyone know how long you are given ( Expiry date) from the application stage aka stage 1 ?

Pedro32561

bizebee wrote: »

Does anyone know how long you are given ( Expiry date) from the application stage aka stage 1 ?

My application says it will expire on 31/12/2017.

T-b0n3

cronos wrote: »

I'm not sure it's a final decision. They haven't even asked for any of the documents or information like the actual contracts?

I did get the info telling me how much my maximum I could get was. Think that's all they are telling you at this stage. Rest will come after they get info from the builder and the morgage provider.

I initiated the process and my partner joined the group, she was able to see an amount due (only included her tax paid not mine), but I never did.

Does that make sense? Or is there a problem / I missed it? :E

cronos

Pedro32561 wrote: »

I believe it's refunded directly to you in the case of contracts being signed during the qualifying period in 2016. I presume in this instance you would have paid the 10% deposit directly to the builder at the time of contract signing, whereas going forward the buyer will pay 5% to the builder and Revenue will pay the remaining 5% directly.

I paid 5k to the estate agent up front as a booking deposit. Followed by 15k to the builder in addition on signing the contract. So in total I've paid 20k on a house worth 380k so far.

Pedro32561

T-b0n3 wrote: »

I initiated the process and my partner joined the group, she was able to see an amount due (only included her tax paid not mine), but I never did.

Does that make sense? Or is there a problem / I missed it? :E

You need to go back in and finish out your application now that she has joined the group. Then you'll get an overall assessment for both of you together.

Pedro32561

cronos wrote: »

I paid 5k to the estate agent up front as a booking deposit. Followed by 15k to the builder in addition on signing the contract. So in total I've paid 20k on a house worth 380k so far.

Here's the relevant section of the legislation:

16 (a) Subject to the provisions of this section, the appropriate payment shall be made by the Revenue Commissioners—
(i) where in the period commencing on 19 July 2016 and ending on
31 December 2016, a contract referred to in subsection (3)(a) is entered into between the claimant and a qualifying contractor or,
as appropriate, the first tranche of a qualifying loan referred to
in subsection (3)(b) is drawn down by the claimant, to the claimant’s bank account,

In summary it's saying that where you've entered into a contract as defined by the legislation, between July and December 2016, the payment is made directly to you.

louise1985

Hi,
Does anyone know if you drew down the first tranche of mortgage in the eligible period in 2016 if you can hold off and use 2016 as one of the four years? It's given me an option to select it as one of the four years?
Would be willing to wait until Revenue has income details for 2016 as the PAYE paid is more beneficial.
Thanks in advance

Pedro32561

louise1985 wrote: »

Hi,
Does anyone know if you drew down the first tranche of mortgage in the eligible period in 2016 if you can hold off and use 2016 as one of the four years? It's given me an option to select it as one of the four years?
Would be willing to wait until Revenue has income details for 2016 as the PAYE paid is more beneficial.
Thanks in advance

Yes, but you must make the application on or before 31st March 2017.

sibersha

Partner needs 2016 to add 2016 as a tax year in order to get the full rebate.
However it is now saying a P21 needs to be requested and Form 12 needs to be submitted.

When attempting to fill out the form 12, it requires Gross Income and tax deducted - can this be done at the moment or will we have to wait until P60 is issued to get this information? Alternatively, would adding up 2016 payslips suffice?

louise1985

sibersha wrote: »

Partner needs 2016 to add 2016 as a tax year in order to get the full rebate.
However it is now saying a P21 needs to be requested and Form 12 needs to be submitted.

When attempting to fill out the form 12, it requires Gross Income and tax deducted - can this be done at the moment or will we have to wait until P60 is issued to get this information? Alternatively, would adding up 2016 payslips suffice?

I used the cumulative on my 2016 payslip for the form 12 it seems to suffice.
However The p21 seems to be dependant on the p60 details being uploaded by the employer.

youcancallmeal

I was under the impression that the house in question needs to be a new build but revenue's own eligibility doesn't say anything about it having to be a new build?

CramCycle

According to revenue (admittedly just one guy in revenue), the legislation is not signed off yet, even though it is finalised. According to him, this is why the application is coming back as under review (which does not fit in with the person who said there is was approved, so skeptical). He said as soon as it was, it would just be pushed through.

As for the new build bit, this would be apparent to Revenue as from now on, your giving the money directly to the builder, which would require a decent amount of fraud if it was not a new build.

The LPT which is run through revenue should make it fairly obvious to them as well whether it is a new build.

Pedro32561

CramCycle wrote: »

According to revenue (admittedly just one guy in revenue), the legislation is not signed off yet, even though it is finalised. According to him, this is why the application is coming back as under review (which does not fit in with the person who said there is was approved, so skeptical). He said as soon as it was, it would just be pushed through.

As for the new build bit, this would be apparent to Revenue as from now on, your giving the money directly to the builder, which would require a decent amount of fraud if it was not a new build.

The LPT which is run through revenue should make it fairly obvious to them as well whether it is a new build.

That's strange. My application has definitely gone through; it says: 'We confirm that your tax affairs are in order and your application for the group with the below members was successful'. It also gives me an Application Code and a Help To Buy Access Number, which is what I need to progress with my mortgage.

CramCycle

Pedro32561 wrote: »

That's strange. My application has definitely gone through; it says: 'We confirm that your tax affairs are in order and your application for the group with the below members was successful'. It also gives me an Application Code and a Help To Buy Access Number, which is what I need to progress with my mortgage.

Like I said, it was one guy on the phone. Maybe the retrospective ones are causing issues?

Sarn

youcancallmeal wrote: »

I was under the impression that the house in question needs to be a new build but revenue's own eligibility doesn't say anything about it having to be a new build?

That link is fairly light on detail. It doesn't even mention the property price limit.

hawkeye_bmr

Our house is classed as new build on PPR and all documents relating to the sale, but it was actually built 2007. Developer retained it as an unsold house until we bought it as FTBs.

Anyone know what would happen in this case?

Pedro32561

hawkeye_bmr wrote: »

Our house is classed as new build on PPR and all documents relating to the sale, but it was actually built 2007. Developer retained it as an unsold house until we bought it as FTBs.

Anyone know what would happen in this case?

You'll probably need to get some advice but this is what the legislation says:

‘qualifying residence’ means—
(a) a new building which was not, at any time, used, or suitable for use, as a dwelling, or
(b) a building which was not, at any time, in whole or in part, used, or suitable for use, as a dwelling and which has been converted for use as a dwelling,

myshirt

Should be ok as long as developer charges vat on it to indicate it is the first supply

Aph2016

How long does it roughly take for the form 12 to be processed ?

Fartbox

Our house is ready in 2 weeks and we need to draw down our mortgage.

First, we couldn't sign the contract, because the bank wouldn't send the loan offer to the solicitors until I went back from maternity leave.

Then there was an issue with the contract, which took so long to resolve, its brought us up to Christmas.

Then everyone was off for 2 weeks.

Now the grant.

Basically if you're house hasn't gone through before 31st Dec, the money has to go through the builder.

My mam was going to give the grant money to me, but now I won't be able to claim it back, so I have to wait for the revenue to pay it out.

When you apply, you pick 4 years from 2012 - 2016, which is 5 years to chose from.
My partner was self employed for part of this year 2016, which means we've to submit tax returns for him now. Which is going to take forever.

When we chose 2012, it says we haven't submitted a p21 or form 12 for that year, and you cannot get a p21/form 12, as it's out of the 4 year restriction.

So I'm in a lose/lose situation,

If only they had of given out some information, I could have done the balance for 2012 last week. But it's closed now & I can't do anything.

Any advise would be appreciated.

MaggyB

Hoping someone help with some information on our situation, feeling a little lost. We are signing contracts this week (they have to be signed for Friday) however unsure how to apply for the rebate. As we are now in 2017 our understanding is that the rebate is now paid directly to the builders, we are buying in a NAMA development.
However, for 2017 signings i thought you verify with the developer after you apply but before you sign and then make a claim. However if you have to sign this week how does this work? Also how do you know if your developer qualifies/ is signed up the list on revenue only has 1 company on it so far.
If anyone could shed any light it would be most appreciated!

cronos

Aph2016 wrote: »

How long does it roughly take for the form 12 to be processed ?

Can't remember exactly. Wasn't more than a day or two I think.

cronos

MaggyB wrote: »

Hoping someone help with some information on our situation, feeling a little lost. We are signing contracts this week (they have to be signed for Friday) however unsure how to apply for the rebate. As we are now in 2017 our understanding is that the rebate is now paid directly to the builders, we are buying in a NAMA development.
However, for 2017 signings i thought you verify with the developer after you apply but before you sign and then make a claim. However if you have to sign this week how does this work? Also how do you know if your developer qualifies/ is signed up the list on revenue only has 1 company on it so far.
If anyone could shed any light it would be most appreciated!

Ask your solicitor/estate agent to check with the builders. I don't even know myself for my builders to be honest, but I'm guessing most of the big companies will qualify. Can't imagine the government screwing buyers on that clause.

On the other item I'd ring revenue. They are actually quite easy to deal with, once you manage to circumnavigate their phone maze.

andreip

I've tried to do online HTB application, I've selected 3x years and on my summary page the potential maximum relief is €0.00 even in see on my P60 paper sufficient money as DIRT

I didn't claim any tax during these 3x years, what could be wrong?
Maybe the online platform?

darragh_1

I've tried the online application about a dozen times this evening and every time I click the submit button i get the following message:
"We're Sorry…
Something went wrong and we are having trouble processing your request at this time.
Please come back later and try again.
Error ID: ........................"
Is anyone else experiencing this ?

cronos

darragh_1 wrote: »

I've tried the online application about a dozen times this evening and every time I click the submit button i get the following message:
"We're Sorry…
Something went wrong and we are having trouble processing your request at this time.
Please come back later and try again.
Error ID: ........................"
Is anyone else experiencing this ?

Weird. What browser you using. I'd give chrome a go if you didn't use it.

darragh_1

It is chrome I have been trying it on. Am assuming the revenue application system is down maybe ...?