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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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Burkehaz

Hi. I am wondering about two things. Firstly the address we had down for out house, we used the road name but on the contract it's the townland. This needs to be changed. Can we edit this ?? And also, we have bought the shell of a house for 150k and we are completing the works for 125k. However our solicitor can only verify the 150k. And we fall somewhere between buying and a self build. Has anyone been in this situation. How can we show the full cost of 275000 to revenue. As this is obviously that he house has cost us and what we should be eligible for? Thanks.

xpletiv

We're approved for scheme and have an application code. The estate agent says this is not what they need, that they need a 6 digit number. Where can I find that?

Colonel Claptrap

xpletiv wrote: »

We're approved for scheme and have an application code. The estate agent says this is not what they need, that they need a 6 digit number. Where can I find that?

There should be a second message in your MyRevenue enquiries with a second code. I can't think of the name of it off hand.

FGR

Guys I've gone through the stage 1 application and have gotten the 'Application Under Review' response.

Can anyone tell me what's going on? All of my taxes are up to date - my P21s for the last four years were issued without any hassle up to last January.

I'm a single applicant.

Also - can't find a direct telephone number for Help to Buy on the revenue site. Should I just contact the normal PAYE service number to enquire?

Lavly

Hi, I bought a house under my name but I am jointly assessed with my husband. I got my access code and application number on the HTB scheme.
Does anyone has the same case as me and did you have any issues when claiming the refund from the Revenue?

MayoSalmon

What reasons is there for not getting approved the full €20,000 and instead lets say €17,000...?

Colonel Claptrap

MayoSalmon wrote: »

What reasons is there for not getting approved the full €20,000 and instead lets say €17,000...?

There could be 2 reasons.

A 400,000 property would result in 20,000 rebate. A 340,000 property would result in 17,000. It's based on 5% of the property price up to a maximum of 20,000.

The other reason could be that the applicant(s) hasn't paid sufficient tax in the previous 4 years. If you have only paid 17,000 in tax in the previous 4 years then you cannot claim 20,000 even if the property is worth 400,000+.

MayoSalmon

Colonel Claptrap wrote: »

There could be 2 reasons.

A 400,000 property would result in 20,000 rebate. A 340,000 property would result in 17,000. It's based on 5% of the property price up to a maximum of 20,000.

The other reason could be that the applicant(s) hasn't paid sufficient tax in the previous 4 years. If you have only paid 17,000 in tax in the previous 4 years then you cannot claim 20,000 even if the property is worth 400,000+.

This bit must be the one, strange though as it is a joint application

MayoSalmon

MayoSalmon wrote: »

This bit must be the one, strange though as it is a joint application

So called Revenue there the €17,000 relief figure related soley to me, other applicant had something like €13,000 relief so combined the group had the €20,000 available.

Lad said for Data Protection can only show you your relief due.

Happy Days!

Confused ftb

xpletiv wrote: »

We're approved for scheme and have an application code. The estate agent says this is not what they need, that they need a 6 digit number. Where can I find that?

U need the access code aswell, should be in ur enquiries.

heritz

Guys, when uploading the scanned contracts to Revenue, do the contracts have to be signed just by the buyer, or also by the vendor?

I have already signed the contracts, but the vendor hasn't signed them yet. Not sure if I need to wait for them to sign them before sending it to Revenue.

Thanks.

Colonel Claptrap

heritz wrote: »

Guys, when uploading the scanned contracts to Revenue, do the contracts have to be signed just by the buyer, or also by the vendor?

I have already signed the contracts, but the vendor hasn't signed them yet. Not sure if I need to wait for them to sign them before sending it to Revenue.

Thanks.

I always assumed signed by both, but somebody on this thread mentioned that they submitted theirs with only 1 signature and there were no issues.

brianfarrell

Hi

I am building a house and starting the application.

What documents do I attach?

I assume mortgage and builder contract. However, I am incurring significant PC SUM costs outside of the contract with my builder. Do I need to give these details to Revenue? Otherwise, they will see approval for x on the mortgage while the build contract will be lower.

All help appreciated. Revenue website is brutal which is no surprise as they want to make it hard for people to apply.

Thanks

jamiejimbo123

Me and my partner have been approved for the Help to Buy.

We also got our Loan of Offer letter from the bank, but the house isn't due to be finished until January/February 2018, in the application for the Help to Buy it states it expires on the 31st December 2017 and we are worried that we won't get the Help to Buy.

On the Revenue website we are at the 'claim' stage, it states "First time purchasers must provide signed copies of the contract(s) of sale for the home, and the mortgage contract with their lender."

Reading previous posts in this thread, the Loan of Offer letter should suffice for the Mortgage Contract side of the document - as we won’t be drawing down yet and speaking to our estate agents they advised the contract of sale is only issued when the house is built (or a few weeks prior).

But again looking back on the thread people are mentioning a Builder's Contract, what is this document, is it a document I could get now and upload to revenue and who would I get this from (builders or estate agents).

Thanks in advance

Daniogroove

Does anyone know how long revenue take to process a contractors application for htb?
I've been assured the application has been made over a month ago but there's still no sign them on the list. The last update was 08/09/17 and it seems to take about 2 weeks between updates.

Cheers

Klonker

I'm looking to avail of the HTB scheme. I've filled out our tax forms on ROS and I've opened our application and have gotten an application number. What do I need to do next? When we sign the contracts do we upload onto our ROS application? Do we need to send our application number to our solicitor or the contractor for anything?

Colonel Claptrap

jamiejimbo123 wrote: »

Me and my partner have been approved for the Help to Buy.

We also got our Loan of Offer letter from the bank, but the house isn't due to be finished until January/February 2018, in the application for the Help to Buy it states it expires on the 31st December 2017 and we are worried that we won't get the Help to Buy.

On the Revenue website we are at the 'claim' stage, it states "First time purchasers must provide signed copies of the contract(s) of sale for the home, and the mortgage contract with their lender."

Reading previous posts in this thread, the Loan of Offer letter should suffice for the Mortgage Contract side of the document - as we won’t be drawing down yet and speaking to our estate agents they advised the contract of sale is only issued when the house is built (or a few weeks prior).

But again looking back on the thread people are mentioning a Builder's Contract, what is this document, is it a document I could get now and upload to revenue and who would I get this from (builders or estate agents).

Thanks in advance

It's unusual that your builder is waiting so long before issuing contracts. It's in their interests to get you to sign contracts now, rather than a few weeks before competition as you could find another property in the interim, request your booking deposit back, and leave the builder high and dry.

The 'builder's contract' is the same thing. Its the contract of sale issued by the builder's solicitor which binds you to the property with a non-refundable deposit.

The builder is possibly anticipating the scrapping of the scheme. That announcement is likely to occur in October, so they are reluctant to tie buyers to a contract which is reliant on 5% from the scheme. I would get onto the estate agent AND the builder and ask them to either hurry the contracts, or give an explanation for the delay. Tell them your purchase is subject to contracts being signed before the end of the year.

Also, are you 100% sure the builder is revenue compliant?

Colonel Claptrap

Daniogroove wrote: »

Does anyone know how long revenue take to process a contractors application for htb?
I've been assured the application has been made over a month ago but there's still no sign them on the list. The last update was 08/09/17 and it seems to take about 2 weeks between updates.

Cheers

It's probably best to ring them and ask for an update. Keep chasing them as they are notoriously slow.

Colonel Claptrap

Klonker wrote: »

I'm looking to avail of the HTB scheme. I've filled out our tax forms on ROS and I've opened our application and have gotten an application number. What do I need to do next? When we sign the contracts do we upload onto our ROS application? Do we need to send our application number to our solicitor or the contractor for anything?

When contracts are signed, upload them and then notify the builder, providing them with your claim number. They will then need to submit their own claim on their side. Revenue will match your details against the builder's and process the payment which can take a few days. Ask your builder to confirm they have received the payment.

brianfarrell

Klonker wrote: »

I'm looking to avail of the HTB scheme. I've filled out our tax forms on ROS and I've opened our application and have gotten an application number. What do I need to do next? When we sign the contracts do we upload onto our ROS application? Do we need to send our application number to our solicitor or the contractor for anything?

One other question from me, do you need the help to build approved by Revenue BEFORE you draw down mortgage?

Colonel Claptrap

brianfarrell wrote: »

One other question from me, do you need the help to build approved by Revenue BEFORE you draw down mortgage?

The bank will only allow you to draw down if you can demonstrate the funds for the remainder are in place. For example this could be 10% of the purchase price made up of your savings, or 5% from your savings and 5% from the HTB scheme. I can't see a bank allowing you to drawdown unless the HTB funds are in place. Although I could be wrong.

ec18

xpletiv wrote: »

We're approved for scheme and have an application code. The estate agent says this is not what they need, that they need a 6 digit number. Where can I find that?

The estate agent shouldn't be involved in this part

Jeffy17

Hi,

It's not an application code which is required by bank / solicitor.

They'll require the access code which is provided under the "My Enquiries" section after you have logged onto Revenue.ie

FGR

Does anyone have an idea as to how the gov may implement changes to htb in the budget. I signed my contract this week for the house and am now waiting o the builder. To they've been slow is an understatement - I put a holding deposit on the house last January !

I'm worried that if I don't get the contracts back before budget day in October that the gov will scrap it there and then and I'm completely out of luck. I've got the application and access code but can't go further without being able to upload the contract.

Any advice ?

Jeffy17

FGR wrote: »

Does anyone have an idea as to how the gov may implement changes to htb in the budget. I signed my contract this week for the house and am now waiting o the builder. To they've been slow is an understatement - I put a holding deposit on the house last January !

I'm worried that if I don't get the contracts back before budget day in October that the gov will scrap it there and then and I'm completely out of luck. I've got the application and access code but can't go further without being able to upload the contract.

Any advice ?

All approved HTB applications are valid until the end of the year. The October budget will only advise of measures which will take place from 2018

From earlier posts people have sent in the contract with just their signature and it sufficed

Daniogroove

FGR wrote: »

Does anyone have an idea as to how the gov may implement changes to htb in the budget. I signed my contract this week for the house and am now waiting o the builder. To they've been slow is an understatement - I put a holding deposit on the house last January !

I'm worried that if I don't get the contracts back before budget day in October that the gov will scrap it there and then and I'm completely out of luck. I've got the application and access code but can't go further without being able to upload the contract.

Any advice ?

The scheme is valid until dec 2019. Can't see them changing it with the current housing situation.

Jeffy17

I believe it will be modified, within the 9 months since the scheme came into operation it's way to early to abandon same.

Was reading this earlier http://www.irishexaminer.com/ireland/help-to-buy-scheme-overhaul-as-president-addresses-housing-crisis-458953.html

The_Conductor

Jeffy17 wrote: »

I believe it will be modified, within the 9 months since the scheme came into operation it's way to early to abandon same.

Was reading this earlier http://www.irishexaminer.com/ireland/help-to-buy-scheme-overhaul-as-president-addresses-housing-crisis-458953.html

Joint scheme with current loans that continue to be in negative equity- where the NE portion of the loan is to be parcelled off separately into a new 'affordable loan' made to the purchaser funded by sovereign borrowing- on a variety of 7.5, 10 and 15 year repayments. A portion of the prospective loan- up to 50k in total on a new build, but limited only to the extent of an independent valuation of negative equity in the case of a pre-existing mortgage- to be offered. The model- is thought to be based reasonably closely to the UK model- with lower interest rates that theirs though. Repayment of the loan on a regular periodic basis- with the exception, no overpayments permitted. Admin of the scheme to be under the auspices of the Housing Department- administered by a small repurposed unit who are currently working in another area.

?

Colonel Claptrap

The_Conductor wrote: »

Joint scheme with current loans that continue to be in negative equity- where the NE portion of the loan is to be parcelled off separately into a new 'affordable loan' made to the purchaser funded by sovereign borrowing- on a variety of 7.5, 10 and 15 year repayments. A portion of the prospective loan- up to 50k in total on a new build, but limited only to the extent of an independent valuation of negative equity in the case of a pre-existing mortgage- to be offered. The model- is thought to be based reasonably closely to the UK model- with lower interest rates that theirs though. Repayment of the loan on a regular periodic basis- with the exception, no overpayments permitted. Admin of the scheme to be under the auspices of the Housing Department- administered by a small repurposed unit who are currently working in another area.

?

Interesting. Do you mind linking where you found these details please? Thanks.

The_Conductor

Colonel Claptrap wrote: »

Interesting. Do you mind linking where you found these details please? Thanks.

Pure speculation- I can't find any detail in writing.