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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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ams

Hi re the HTB although its supposed to help you with the deposit however some builders look for the full deposit before you input your claim.

We are currently in this situation at the moment - the solicitor will draw down the full mortgage amount and pay us the 20k back at the end.

Its a bit frustrating as it seems to go against what the scheme is about.

Edit - my solicitor just said she paid the net amount to the vendors solicitor and to ignore what it says in the deposit letter so hopefully all ok

happycoolrains

Hi Jonathan,

As far as I understood, hbt payment goes to the builder directly, so you would need to pay the balance of the down payment.

Also do consider stamp duty, solicitor fees and legal fees into consideration as that also goes around 5-6000 for a 400 k.

Thanks,
Rains

(quote="Jonathan _L;104296799"]Hi guys - apologies for the stupid question. I'm saving for a deposit and looking to get on HTB Supposing a house is worth €400k and I have 20+ saved - is it the case that I can go for mortgage and HTB approval now with th expectation that I will be given the HTB by revenue to contribute the shortfall, or isnit the case that I still need 40k up front and I get HTB back after all is said and done.

I presume it's the first as the entire point of this is to help people save for the deposit amount...

Also going for a mortgage and detailing my deposit do I need to have FTB in place first to show the bank or is desposit not relevant for mortgage approval and loan amount?[/quote]

Jonathan _L

Hi guys - apologies for the stupid question. I'm saving for a deposit and looking to get on HTB Supposing a house is worth €400k and I have 20+ saved - is it the case that I can go for mortgage and HTB approval now with th expectation that I will be given the HTB by revenue to contribute the shortfall, or isnit the case that I still need 40k up front and I get HTB back after all is said and done.

I presume it's the first as the entire point of this is to help people save for the deposit amount...

Also going for a mortgage and detailing my deposit do I need to have FTB in place first to show the bank or is desposit not relevant for mortgage approval and loan amount?

ams

Yeah you apply as a group with both your PPS numbers!

cunnifferous

Applying for this soon. I haven't paid the full 20k in tax in the last 4 years (Recent graduate) but between me and my partner we should get there.

Do we both apply for the scheme or can I somehow indicate in my application that we are buying together and she will get her tax refunded as well?

markmonrow

Hopefully someone in here can help. Please.

Have filled in all the appropriate online stuff with the revenue and received a claim no that was passed onto both solicitors. I received a mail from our solicitor saying I had filled in the property address wrong and the deposit paid wrong as well ( I was off a night shift is my excuse).I cancelled our claim and put in the correct info but the claim no I received at the end is the same as the original one. Is this normal? The solicitor has just got back to me saying the information is still incorrect. Are they seeing the same claim no and assuming I didn't change anything or do I need to start the whole process from the beginning? Any help with this would be greatly appreciated .

Graham

I'd go back to your solicitor and ask that he goes and investigate fully.

Either that or I'd be looking for a new solicitor.

szczena

awec wrote: »

It seems odd that a solicitor working in the property market wouldn't have a detailed understanding of the HTB scheme.

I spoke to revenue, they didn't know really what I should do now. For them the best would be if I apply as a group and have a contract with both names. As I mentioned I reapplied as a group now and sent the contract with my sole name only. Do I have to send the details ( claim number and a pin to vendor again?) as per contract I should claim my HTB within 5 days after signing contract but It was 2 months already. After signing contract I applied for a new mortgage with joint names, didn't claimed HTB with my sole name. Wanted to have a wife on the mortgage too. (Without that the house could be only with my sole name on the deeds)

I know that I can't sell the house or rent for 5 years if I go for HTB but can I transfer seeds to my wife name after purchase? Without loosing HTB? I could apply again for HTB with sole name and send contract with sole name and after purchase transfer names???

awec

It seems odd that a solicitor working in the property market wouldn't have a detailed understanding of the HTB scheme.

szczena

Graham wrote: »

How far down the road are you with this solicitor?

Really sorry Graham, what you mean in that sentence?

Graham

szczena wrote: »

The same solicitor told me that has no much knowledge about HTB and can't tell me if I should apply for HTB with sole or joints names. Just wonder if someone was in similar situation and was able to add another buyer name to already signed contract. Revenue customer service told me that I need contract with joint names...

How far down the road are you with this solicitor?

szczena

Graham wrote: »

Nobody here is in a better position or more qualified to give you legal advice than your own solicitor.

The same solicitor told me that has no much knowledge about HTB and can't tell me if I should apply for HTB with sole or joints names. Just wonder if someone was in similar situation and was able to add another buyer name to already signed contract. Revenue customer service told me that I need contract with joint names...

Graham

szczena wrote: »

Solicitor advised to not change the contract but transfer the deeds on the day of purchase to both names.

Nobody here is in a better position or more qualified to give you legal advice than your own solicitor.

szczena

hi

Is it a big deal to add my wife to a signed contract?
I got a mortgage on my own and signed mortgage on my own (house will be ready in December). After that we got a mortgage with joint names and we want to buy this house together. I canceled my HTB and applied as a group with my wife. Its approved. I uploaded the contract to revenue HTB this week but the contract has only my name. I wonder if that will be approved and vendor can claim the money or I have to change the contract now?? If that is possible?? or just add the name somehow to the signed contract?
Solicitor advised to not change the contract but transfer the deeds on the day of purchase to both names.

Thanks
Daniel

traveller0101

JaMarcusHustle wrote: »

Does anyone know how long approval lasts? We have got approval but aren't in the process of buying a particular house at the moment. Will that approval expire?

Yeah it expires. If you log in to revenue you should see an expiry date.

JaMarcusHustle

Does anyone know how long approval lasts? We have got approval but aren't in the process of buying a particular house at the moment. Will that approval expire?

Larsso30

BlackWizard wrote: »

I marked in bold the issue I'm having. The HTB is part of our deposit. The developer wont sign contracts without getting what I think is money from the HTB.

had same issue, but we submitted our contract that WE signed, which my solicitor and builders solicitior feel is enough

morrga

AM258 wrote: »

Just uploaded contracts and submitted claim today. Wondering what happens next - do revenue need to approve this before the developer confirms the details or do we just provide the the Claim Ref No and the Access Code to the developer and they confirm? i.e. do Revenue need to do anything at this point or is it just the developer?

Cheers

It's now with the developer to verify your claim. Once that happens Revenue will be quick to progress it onwards.

AM258

Just uploaded contracts and submitted claim today. Wondering what happens next - do revenue need to approve this before the developer confirms the details or do we just provide the the Claim Ref No and the Access Code to the developer and they confirm? i.e. do Revenue need to do anything at this point or is it just the developer?

Cheers

BlackWizard

Aph2016 wrote: »

Sorry but I think you might have to accept that the htb will not be accepted as part of your deposit. My advice is to find that money from somewhere else.

But the odd part is that the builder said they would accept it. I think they misunderstood what they agreed to. I appreciate the post and help. It has at least confirmed my own understanding of it.

morrga

Aph2016 wrote: »

Sorry but I think you might have to accept that the htb will not be accepted as part of your deposit. My advice is to find that money from somewhere else.

We used a gift letter from our parents in lieu of the htb grant and it worked just fine from the banks perspective.

Aph2016

BlackWizard wrote: »

I marked in bold the issue I'm having. The HTB is part of our deposit. The developer wont sign contracts without getting what I think is money from the HTB.

Sorry but I think you might have to accept that the htb will not be accepted as part of your deposit. My advice is to find that money from somewhere else.

BlackWizard

Aph2016 wrote: »

It's a pretty simple process why does everyone complicate it.

-Sort out your tax compliance for the years you are claiming for by submitting the form 12.
-Apply to the scheme online either as an individual or as a joint application.
-Wait for confirmation from revenue on how much you can claim.
-Make sure your developer is on the approved list.
-Work with your Solicitor and sign the contracts from the developer.
-Ask your Solicitor to send you a pdf of the signed contracts.
-Log in to revenue and upload your contracts and fill out the information required.
-Wait for your claim to be approved and confirmation will be given after a day or two.
-Give your claim reference and access code to your Solicitor.
-Wait for confirmation from revenue that funds will be paid.
-It will be paid in 5 working days so don't expect it to be paid sooner.
-Confirm with your Solicitor / developer that funds were paid.
-Relax.

I marked in bold the issue I'm having. The HTB is part of our deposit. The developer wont sign contracts without getting what I think is money from the HTB.

Daria321

Aph2016 wrote: »

It's a pretty simple process why does everyone complicate it.

-Sort out your tax compliance for the years you are claiming for by submitting the form 12.
-Apply to the scheme online either as an individual or as a joint application.
-Wait for confirmation from revenue on how much you can claim.
-Make sure your developer is on the approved list.
-Work with your Solicitor and sign the contracts from the developer.
-Ask your Solicitor to send you a pdf of the signed contracts.
-Log in to revenue and upload your contracts and fill out the information required.
-Wait for your claim to be approved and confirmation will be given after a day or two.
-Give your claim reference and access code to your Solicitor.
-Wait for confirmation from revenue that funds will be paid.
-It will be paid in 5 working days so don't expect it to be paid sooner.
-Confirm with your Solicitor / developer that funds were paid.
-Relax.

Also complete an assessable spouse election form first and send in to revenue if your civil status has changed since 2013 and await confirmation your record is updated before completing the e form or paper form 12s as a married couple. This cases delays if not done correctly.

Form can be downloaded from website.

The FAQs on the website answer most queries and there are separate ones for applicants contractors and solicitors.

[Deleted User]

Hi there. Can anyone possibly recommend a broker in the south Dublin or city centre area? I'd like to cover all bases

Daria321

Klonker wrote: »

I think the Revenue might have a calculator.

Get this from your bank in writing to be sure. If the property was valued to get the mortgage then this should be in the bank documents.

Aph2016

It's a pretty simple process why does everyone complicate it.

-Sort out your tax compliance for the years you are claiming for by submitting the form 12.
-Apply to the scheme online either as an individual or as a joint application.
-Wait for confirmation from revenue on how much you can claim.
-Make sure your developer is on the approved list.
-Work with your Solicitor and sign the contracts from the developer.
-Ask your Solicitor to send you a pdf of the signed contracts.
-Log in to revenue and upload your contracts and fill out the information required.
-Wait for your claim to be approved and confirmation will be given after a day or two.
-Give your claim reference and access code to your Solicitor.
-Wait for confirmation from revenue that funds will be paid.
-It will be paid in 5 working days so don't expect it to be paid sooner.
-Confirm with your Solicitor / developer that funds were paid.
-Relax.

BlackWizard

We have our two codes from Revenue but are a little clueless as to what is supposed to happen next.

Our solicitor sent the signed contracts with the two codes to the vendors solicitor but they've come back saying the codes are not right and they need a form. Our solicitor didn't mention what form but said she'd look into it.

When should we proceed to claim? Our solicitor originally said not until everyone signs contracts with a sale date.

I have a feeling that the vendors solicitor is expecting the money from revenue immediately but really I think it just forms part of our deposit as a future payment after contracts are signed?

Klonker

AM258 wrote:

Hi all, have been approved for HTB and will be submitting claim later this week, just pulled out our mortgage offer letter since I think we need to upload this, while it does state the property value and the mortgage amount, it doesn't explicitly state the LTV ratio (BOI mortgage). Just wondering if anyone else has had this and if it caused any issues with Revenue approving the claim?

I think the Revenue might have a calculator.

AM258

Hi all, have been approved for HTB and will be submitting claim later this week, just pulled out our mortgage offer letter since I think we need to upload this, while it does state the property value and the mortgage amount, it doesn't explicitly state the LTV ratio (BOI mortgage). Just wondering if anyone else has had this and if it caused any issues with Revenue approving the claim?

Cheers