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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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Wheeliebin30

What an utter failure that was.

theboringfox

[Deleted User] wrote: »

This looks to be getting scrapped shortly. Can anybody that is a self builder tell me how long it took to get the grant from revenue once they did there first mortgage drawdown ??

I suspect any withdrawal will take few months and will allow a window so does not disrupt existing purchases or new builds. I'd suspect at earliest they scrap it by end of year.

maire38

Hi is any one how made claim with Helsingor Limited as developer, and got the refund. We made the claim 7 working days ago, and is still pending............

Confused ftb

I wonder will this affect anyone that has already had they're application approved but haven't claimed yet?

Belt

Is this likely to be scrapped even for those FTBs who are self building?

I'd have thought there was merit in keeping it in place for those going down this route as its not having an inflationary effect in prices and is also increasing supply.

tusk

Hey guys,

My partner and I have applied for HTB. Her application is stuck due to some tax issues with a previous employer, so I'm thinking we just scrap it and I apply on my own.

Does this affect anything in terms of actually getting a mortgage? I.e. if we get a single grant, does that limit us from getting a joint mortgage, or is it still grand?

My tax rebate is already at the top level of what we'd get, so adding her into the grant process isn't actually adding anything anyways...

Cheers!

The_Conductor

Belt wrote: »

Is this likely to be scrapped even for those FTBs who are self building?

I'd have thought there was merit in keeping it in place for those going down this route as its not having an inflationary effect in prices and is also increasing supply.

Policy is to actively discourage one-off builds- which the vast majority of self-builds are......... I don't see any discrimination occurring between build types- I imagine the entire scheme will simply be wound up.

Aph2016

The_Conductor wrote: »

Policy is to actively discourage one-off builds- which the vast majority of self-builds are......... I don't see any discrimination occurring between build types- I imagine the entire scheme will simply be wound up.

Do you think if applications have been processed that revenue will honor existing applications or just simply scrap it for everyone?

CramCycle

Aph2016 wrote: »

Do you think if applications have been processed that revenue will honor existing applications or just simply scrap it for everyone?

The presumption is that anything that has been applied for or approved will be honored, and presumably there will be a timescale to accomodate this to save backlash. I imagine they will set a date which is far enough in the future that no one will cry about not having enough warning.

theboringfox

CramCycle wrote: »

The presumption is that anything that has been applied for or approved will be honored, and presumably there will be a timescale to accomodate this to save backlash. I imagine they will set a date which is far enough in the future that no one will cry about not having enough warning.

This will be lined up to coincide with next budget. It'll be here for this year in my view and possibly some of next.

The primary reason they'll remove it is it annoys more people than it benefits. Any second time buyer out there put on an unlevel playing field with FTBs is cursing FG.

The_Conductor

I agree- there will be a clearcut date- applications before which, will be processed- but at 12pm on the designated day- thats it.

What'll be interesting- is what happens to new build prices. When the scheme was introduced- the entire 20k was incremented onto asking prices- pretty much immediately. I imagine abolition of the grant will mean new build prices stagnate- but it may very well add a spring to second hand prices (as there will be no imperative for FTBs just to buy new builds any longer).

Developers aren't going to lop 20k off asking prices- its not going to happen- however, the fact of the matter is- people's purchasing power will have reduced- so something has to give...........

Bob24

Wheeliebin30 wrote: »

What an utter failure that was.

And pretty much everyone except the politician who insisted to introduce it said it was going to be counterproductive from day 1 ... definitely a personal failure for him.

The_Conductor

Bob24 wrote: »

And pretty much everyone except the politician who insisted to introduce it said it was going to be counterproductive from day 1 ... definitely a personal failure for him.

He doesn't care- hes gone over to foreign affairs now- as far as he is concerned, its someone else's problem- a SEP (as Douglas Adams so eloquently puts it).

Michael Flynn (the Cork developer) has an interview in today's Irish Times- where he says he will reduce current asking prices by the amount of the FTB grant- and support a tax on undeveloped zoned land- if the government reduces VAT on new builds by a commensurate amount.

I.e. the government pays for it (yet again) however, its not just for first time buyers- anyone can avail of it- and the sweetener is the government get a large developer on side to preach to the sector about building on zoned land, rather than hoarding it.

Seems like a reasonable quid-pro-quo to me?

68 lost souls

Got a call from revenue today chasing up my applications, we're stalled are awaiting new mortgage approvals due to builders delays and they were checking whats up. Was good of them too call but I imagine its also them saying hurry up as its going to close.

OnlyGotOneSong

Hoping someone might be able to help me with a quick query.
If for example a new one off house has been built and we are now purchasing from the builder - if they are not registered contractors on the HTB scheme is there anyway we could put through a claim? Could we claim under a self build even though we would be purchasing after build complete ?
Thanks in advance

Baby01032012

The_Conductor wrote: »

He doesn't care- hes gone over to foreign affairs now- as far as he is concerned, its someone else's problem- a SEP (as Douglas Adams so eloquently puts it).

Michael Flynn (the Cork developer) has an interview in today's Irish Times- where he says he will reduce current asking prices by the amount of the FTB grant- and support a tax on undeveloped zoned land- if the government reduces VAT on new builds by a commensurate amount.

I.e. the government pays for it (yet again) however, its not just for first time buyers- anyone can avail of it- and the sweetener is the government get a large developer on side to preach to the sector about building on zoned land, rather than hoarding it.

Seems like a reasonable quid-pro-quo to me?

Having seen what (damage) he's done to the housing market in very worried for his role in brexit. Lifetime supporter of Fine Gael just wish Coveney was on the opposition benches.

Bob24

The_Conductor wrote: »

He doesn't care- hes gone over to foreign affairs now- as far as he is concerned, its someone else's problem- a SEP (as Douglas Adams so eloquently puts it).

Oh yes I have no doubt he doesn't care ... but the optimistic (maybe dreamer) person in me hopes voters and FG supporters will remember it and it will at least bother him to some extend in the future.

The_Conductor

Bob24 wrote: »

Oh yes I have no doubt he doesn't care ... but the optimistic (maybe dreamer) person in me hopes voters and FG supporters will remember it and it will at least bother him to some extend in the future.

The people have a remarkably short memory.
It never ceases to amaze me how pretty major political mishaps in the very recent past are successfully airbrushed from the pages of history in people's minds.

Kyia76

hi all,i'm at the claim stage and i try to upload my contract but the PDF has 17.1 MB and i got the message that i exceeded the allowance of 10MB . is anyone had that problem ? thanks

Alter_Ego

Kyia76 wrote: »

hi all,i'm at the claim stage and i try to upload my contract but the PDF has 17.1 MB and i got the message that i exceeded the allowance of 10MB . is anyone had that problem ? thanks

Google how to reduce PDF file size, there are a few ways to do it

Grassey

I just split the file and uploaded two halves.

Confused ftb

Grassey wrote: »

I just split the file and uploaded two halves.

Do u need to upload the whole contract?

Grassey

I did, they didn't know what they were at back in February, so was easier to give them it all and take what they needed from it. Never heard anything afterwards bar the payment notification

Kyia76

Kyia76 wrote: »

hi all,i'm at the claim stage and i try to upload my contract but the PDF has 17.1 MB and i got the message that i exceeded the allowance of 10MB . is anyone had that problem ? thanks

Thanks all for advice, I managed to reduce the size of PDF

Kyia76

Confused ftb wrote: »

Do u need to upload the whole contract?

In my case, my solicitor sent me an electronic copy of sign contract and mortgage approval and I upload those

Nicolleok8

We logged our claim Friday just wondering roughly how long until the builder receives payment??
Also Do we get confirmation of payment to the builder?
Thanks in advance

kenno83

Just one question I was hoping someone may have heard something....

We have paid our deposit a few weeks ago, the contracts are on the way to our Solicitors, our mortgage has approved and we have the 2 codes from revenue for the past few months. i undertand that the next step in the process is simply to upload the signed contract & mortgage details.

My fear is that the scheme may be scrapped from Jan 1st. Timing may be a problem for the HTB in our case as our our new build is not due for completion until Feb/march next year. I understand that we will need to reapply for HTB again after December 31st as we will not be completing the sale until next Feb/march. I would imagine that if all contracts are signed and mortgage receved (although not yet drawn down) all based on the confirmation given from Revenue that we will have the benefit of HTB, it would be hard/inequitable for Revenue to not allow the renewal of our HTB relief in this case when construction completes in Q1 next year. This is assuming that the scheme will be scrapped from Jan 1st.

Would people have heard anything on this kind of scenario - which I imagine would be common enough??

Thanks in advance
Colin

The_Conductor

Its thought it will be the date the sale is notified by your solicitor to Revenue, and stamp duty, based on the sale, paid. You can't point a finger at Revenue- and say- hey, I'm lining my ducks in a row, but haven't quite managed to complete the row just yet. Unfortunately it doesn't work like that- its going to be a black and a white cut-off date- sale is completed by date X (presumed to be either 31st December 2017- or the date of the Finance Bill- commonly the second week in December). Just because you have an agreement from your bank that you are going to draw down your mortgage- does not mean that you have done so.

If you were living in the property- as your sole PPR- and it was your address for tax purposes with Revenue- you might have some sort of an argument to make- but if the property is clearly uncomplete and inhabitable- I'm sorry, thats an entirely different story.

What happened the last time round

All you can really do- is try to continue to exert pressure on the builder at this stage- you probably weren't around when the first time buyers grant was abolished back in 2002- however, it was announced on the 15th Nov 2002- that it was being abolished, with immediate effect- i.e. on the 14th Nov.

The determining factor for eligibility for the FTB grant when it was abolished- was you had to be able to prove a contract had been irrevocably signed and a full deposit paid to the builder/developer by 14th Nov. 2002. I.e. the signed contract and paid deposit- were the determining factors- however, the day prior to the announcement was the cut off- there was no lead-in giving you a few months notice that it was going to end at the end of the year- or whatever- that was *not* how it was done- as it was viewed that it would place unreasonable and unrealistic demands on the sector and all sorts of corners would be cut to drag people through. On that occasion the grant was worth a little less than 4k.

Revenue have a very black and white view of these things. Don't make assumptions- lobby your local representatives over the rules by all means- but don't assume that you'll get a nice run in to dot your 'i's and cross your 't's.

q85dw7osi4lebg

Nicolleok8 wrote: »

We logged our claim Friday just wondering roughly how long until the builder receives payment??
Also Do we get confirmation of payment to the builder?
Thanks in advance

Our builder had it within 4/5 days of us uploading contracts.

q85dw7osi4lebg

kenno83 wrote: »

Just one question I was hoping someone may have heard something....

We have paid our deposit a few weeks ago, the contracts are on the way to our Solicitors, our mortgage has approved and we have the 2 codes from revenue for the past few months. i undertand that the next step in the process is simply to upload the signed contract & mortgage details.

My fear is that the scheme may be scrapped from Jan 1st. Timing may be a problem for the HTB in our case as our our new build is not due for completion until Feb/march next year. I understand that we will need to reapply for HTB again after December 31st as we will not be completing the sale until next Feb/march. I would imagine that if all contracts are signed and mortgage receved (although not yet drawn down) all based on the confirmation given from Revenue that we will have the benefit of HTB, it would be hard/inequitable for Revenue to not allow the renewal of our HTB relief in this case when construction completes in Q1 next year. This is assuming that the scheme will be scrapped from Jan 1st.

Would people have heard anything on this kind of scenario - which I imagine would be common enough??

Thanks in advance
Colin

I could be wrong but I don't think you'll need to reapply for HTB as it's likely the developer will have received your HTB contribution within a few weeks from now, if contracts are on the way to your solicitor.