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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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davidsr20

bittihuduga wrote: »

yes got the application and access code immediately after both of us submitted out details.

Mines completed but my wife's is still Saying under review but i for no access code yet. This is getting very frustrating I'm 3 weeks at it now.

Aph2016

If anyone is still under review, check you don't owe any tax on your balancing statements. Revenue don't respond to my enquiries so had to ring up and find that out. Once the tax owed has been paid they will proceed.

youcancallmeal

jfh wrote: »

i'm having the same issue from a small building company, is it only for devlopers? i'm thinking it can't be, surely all builders qualify?
any feedback appreciated

My understanding it is for anyone who is building a house so a builder building a single one off house or a development company building a big estate and anything in between. As long as their tax affairs are in order then I don't see any reason why they wouldn't want to register with revenue so their prospective clients can avail of the relief.

fret_wimp2

Just filling out my Form 12.

In the section 5. Tax Credits and reliefs, it has listed a few items already:
- personal tax credit
- health insurance
- paye tax credit

Do i just check the boxes and click next, or do i need to verify this information somewhere?

pilly

fret_wimp2 wrote: »

Just filling out my Form 12.

In the section 5. Tax Credits and reliefs, it has listed a few items already:
- personal tax credit
- health insurance
- paye tax credit

Do i just check the boxes and click next, or do i need to verify this information somewhere?

No, just check and carry on, they're automatically calculated.

fret_wimp2

thanks.

Civil status is also confusing.
Got married in 2014 so changed it to married on the 2014 form.

the 2015 form asks "did my civil status change in 2015" .
It didnt, as it changed the previous year.

Do i still tick yes so that i can change it from single to married?

lunamia

fret_wimp2 wrote: »

thanks.

Civil status is also confusing.
Got married in 2014 so changed it to married on the 2014 form.

the 2015 form asks "did my civil status change in 2015" .
It didnt, as it changed the previous year.

Do i still tick yes so that i can change it from single to married?

No, you don't need to tick it for 2015.
Only if you get divorced in 2015 (not wishing you).

fret_wimp2

lunamia wrote: »

No, you don't need to tick it for 2015.
Only if you get divorced in 2015 (not wishing you).

But on the 2015 form it shows my stauts as Single, which is incorrect, even though i set it to married on 2014 form as thats the year my status changed.

CramCycle

fret_wimp2 wrote: »

But on the 2015 form it shows my stauts as Single, which is incorrect, even though i set it to married on 2014 form as thats the year my status changed.

if your updating them all at once, it won't have cleared that you were married. I put my kids in one year but when they reprocessed it, they added the previous years total and the one that wasn't there before to give me a few extra sprogs.

I am not sure which is the right thing for you as I was doing my P21 etc. every year so it was always upto date except for the kids one, but I suspect that was partially my fault for putting the kids on both of our accounts at separate times.

I would edit it, IIRC, it will ask you for a date but I could be wrong (my 2012 one was incorrect so had to put it in for the form 12 for that year).

lunamia

fret_wimp2 wrote: »

But on the 2015 form it shows my stauts as Single, which is incorrect, even though i set it to married on 2014 form as thats the year my status changed.

You have to specify the change in the 2014 form,
because the taxes paid may change depending on your wife situation at that stage.

If you had no changes of your marital status in 2015, then in that form you don't need to do nothing.

But amend the 2014 one

Collyb101

I have a question, help if you can please?:
Q: When adding your tax (for your refund) from the P21 forms, which section/totals do you add? I know this should be simple but the more I look at them the more complicated they are getting.

davidsr20

Just got us both sorted. We're both cleared now and access code got. The code is sent back to revenue if ur a retro buyer along with ur paperwork. Just waiting to hear about the claim now next. We're getting there I hope now.

CramCycle

Collyb101 wrote: »

I have a question, help if you can please?:
Q: When adding your tax (for your refund) from the P21 forms, which section/totals do you add? I know this should be simple but the more I look at them the more complicated they are getting.

All given here: http://www.revenue.ie/en/personal/faqs/eform12-faqs.html#section7

lunamia

How long should be the process for retrospective buyers after attaching the required documents?

Cheers

Collyb101

Thanks for the reply.
This is to be provided with a P21 form which I have.
I have not proceeded to the application yet.
When i total up what I can get back as refund do I include USC paid each year? PRSI? or just PAYE?

Any help would be greatly appreciated.

Collyb

CramCycle

lunamia wrote: »

How long should be the process for retrospective buyers after attaching the required documents?

Cheers

A week after I attached the required documents to myenquiries, I rang up. They said it was all in order but then that it would take an unknown amount of time for some other crowd to stamp it. That evening they stamped it. Give it a few days and then ring up is my advice.

Collyb101 wrote: »

Thanks for the reply.
This is to be provided with a P21 form which I have.
I have not proceeded to the application yet.
When i total up what I can get back as refund do I include USC paid each year? PRSI? or just PAYE?

Any help would be greatly appreciated.

Collyb

You should not be working out what you are due for a refund. You just submit the totals from your P60 and let them do the rest (after confirming any credits etc.). They will then issue a P21 with a refund amount or a repayment due amount. If the former, you do nothing, you'll get extra cash in your account in awhile, if the latter, rung them up straight away to arrange payment so you can proceed with the application for HTB.

Nicolleok8

I have read through some of the posts and just looking for some help!
I reserved a house in November 2016. Contracts are due to be signed this week on the contract it states 10% deposit but I have read people changing the contract to 5% as revenue will be paying the rebate directly to the builder.

Solicitor has advised us that we pay 10% and apply for the money back ourselves.

House will not be ready until June.

Can I apply for the rebate to be returned to us if we pay 10% deposit upon signing contracts?

Apologies if this question has been asked before! Thanks

CramCycle

Nicolleok8 wrote: »

I have read through some of the posts and just looking for some help!
I reserved a house in November 2016. Contracts are due to be signed this week on the contract it states 10% deposit but I have read people changing the contract to 5% as revenue will be paying the rebate directly to the builder.

Solicitor has advised us that we pay 10% and apply for the money back ourselves.

House will not be ready until June.

Can I apply for the rebate to be returned to us if we pay 10% deposit upon signing contracts?

Apologies if this question has been asked before! Thanks

I think your solicitor is incorrect, the money would be paid directly to the builder/developer in the scenario you describe. you haven't paid a deposit yet, you haven't signed contracts and you haven't drawn anything down so I can't see how your solicitor thinks otherwise.

youcancallmeal

CramCycle wrote: »

I think your solicitor is incorrect, the money would be paid directly to the builder/developer in the scenario you describe. you haven't paid a deposit yet, you haven't signed contracts and you haven't drawn anything down so I can't see how your solicitor thinks otherwise.

We are same situation at the moment. The fact there is nothing on the revenue site to explain in detail how the process should work is what is really the problem. I've had to ring revenue about 7 times over the last 2 weeks and every time I get staff with varying levels of knowledge on the process. A few have told me though that the way it is supposed to work for post 1st Jan buyers is you pay your deposit minus whatever you're eligible for. We are trying to explain this to our builders solicitors but they first denied they should have any involvement at all and after some more prodding and sending of HTB1 forms they are now silent the last few days. We are sitting ready to go to sign the contracts, very frustrating stuff.

fret_wimp2

To be sure i understand, as long as my loan to value is at least 70%, i qualify, is that correct?

I ask as i read in places where it has to be 80%

e.g. House price 400k
Loan of 300k is 75% LTV. would this qualify for help to buy?

68 lost souls

fret_wimp2 wrote: »

To be sure i understand, as long as my loan to value is at least 70%, i qualify, is that correct?

I ask as i read in places where it has to be 80%

e.g. House price 400k
Loan of 300k is 75% LTV. would this qualify for help to buy?

Initially it was 80% but that was amended to 70% at a later stage.

AGUSIA1

We signed contract for a house and payed 10% deposit at the end of october - However the builder has still not signed and returned the contract,

There are quite a few people in this situation in our development.

As we have all ready payed the 10% deposit will revenue threat us as retrospective buyers or will the builder receive the Grant from revenue leaving him with a total of 15% deposit and us screwed!

Very worrying - Help needed

bittihuduga

AGUSIA1 wrote: »

We signed contract for a house and payed 10% deposit at the end of october - However the builder has still not signed and returned the contract,

There are quite a few people in this situation in our development.

As we have all ready payed the 10% deposit will revenue threat us as retrospective buyers or will the builder receive the Grant from revenue leaving him with a total of 15% deposit and us screwed!

Very worrying - Help needed

we are in the same boat..

AGUSIA1

bittihuduga wrote: »

we are in the same boat..

Sorry to hear that.

Its simply a ridiculous situation.

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lunamia

CramCycle wrote: »

A week after I attached the required documents to myenquiries, I rang up. They said it was all in order but then that it would take an unknown amount of time for some other crowd to stamp it. That evening they stamped it. Give it a few days and then ring up is my advice.

Thanks for replying, but I think you have applied immediately at the begin of January.. I had to cancel and re-apply the 20th of January :mad:

jusvi2001

lunamia wrote: »

CramCycle wrote: »

A week after I attached the required documents to myenquiries, I rang up. They said it was all in order but then that it would take an unknown amount of time for some other crowd to stamp it. That evening they stamped it. Give it a few days and then ring up is my advice.

Thanks for replying, but I think you have applied immediately at the begin of January.. I had to cancel and re-apply the 20th of January :mad:

i am on the same boat i have cancelled and reapplied. claim documents are uploaded on 18/1 since then no news from revenue.

Muff Richardson

Anyone know if a person who inherited a property along with brothers and sisters and subsequently bought them out with a loan in the form of a mortgage would still qualify for the scheme? Seems a grey area, technically they did not purchase any property.

AGUSIA1

Muff Richardson wrote: »

Anyone know if a person who inherited a property along with brothers and sisters and subsequently bought them out with a loan in the form of a mortgage would still qualify for the scheme? Seems a grey area, technically they did not purchase any property.

It would depend.
Is it you who's buying them out or the other way around. Has it all ready happpened.

Muff Richardson

AGUSIA1 wrote: »

It would depend.
Is it you who's buying them out or the other way around. Has it all ready happpened.

It's not me at all. It's a pal, his folks died about ten years ago, himself and two brothers were left the house, he took out a 100k mortgage and paid them both 50k each and they relinquished their share and the house was put in his name.

q85dw7osi4lebg

Muff Richardson wrote: »

Anyone know if a person who inherited a property along with brothers and sisters and subsequently bought them out with a loan in the form of a mortgage would still qualify for the scheme? Seems a grey area, technically they did not purchase any property.

They would not quality. Once you have owned a property you are exempt, regardless if it was purchased or inherited.