z0oT wrote: » The Agent has it down on the Daft.ie page that it is eligble for the Help to Buy scheme. Upon talking to the agent I was told that couples who have bought into the development previously in the last few months have used the Help to Buy scheme. But... upon checking the list of qualifying contracters on the Revenue website HERE (PDF), I can't find the developer on the list.
z0oT wrote: » So, just looking at some of the other new builds around where we want to buy, there are at least two more new builds (other than the one we've paid a booking deposit into) where it's advertised that the Help to Buy can be used, but the developer isn't listed on the PDF list on the Revenue website. Maybe it's not uncommon. I wonder how difficult is it as a builder to become a qualified builder with Revenue for the Help to Buy scheme?
Blanchy90 wrote: » They may be registered under a different name, that was the case for us
awec wrote: » 5% of lenders valuation to a maximum of 20,000.
bizebee wrote: » Is the lenders valuation the amount the bank say the property is worth once built/completed?
vikas.kshatriya wrote: » Hi, our H2B claim was verified 2 months back by developers and status changed to "Claim Approved". Since then we thought all good and done, but received email from developers solicitor that funds haven't reached their account, very strange. Has anyone encountered this issue or know more details please ? We are in closing phase and don't want any unexpected surprises, thanks
LittleFox wrote: » Hi guys I just wanted to check, we are approved for max relief. When we queue up to buy our house we have to pay €5000 on the day to secure it and then the rest of 10% deposit after 28 days when we sign the contracts. Say our deposit is €40,000 does this mean we pay the remaining €15,000 on the day, sign the contracts and then the builders get the remaining €20,000 from HTB after the fact? Thanks
GingerLily wrote: » vikas.kshatriya wrote: » Hi, our H2B claim was verified 2 months back by developers and status changed to "Claim Approved". Since then we thought all good and done, but received email from developers solicitor that funds haven't reached their account, very strange. Has anyone encountered this issue or know more details please ? We are in closing phase and don't want any unexpected surprises, thanks Our developer put the claim in (we got the message 'Help to Buy Approved') and we received notice to close 5 days later (after it was received). Who put in the claim - your solicitor or the building contractor?
vikas.kshatriya wrote: » Got email from developers solicitors, so its them. I forward to my solicitor who in turn to them. All I can see on my Revenue is "You have an approved claim for Help to Buy." with only View button. This status changed when they verified the claim and I though that is the last step after which funds are automatically transferred to developers account, which didnt happen in our case Also, are you saying separate notification is received when funds are transferred, we didnt receive any correspondence from Revenue at all
GingerLily wrote: » Some developments don't accept HTB as part of the 10% deposit - in that case you would need to have a deposit of 35k with contracts.
cant26 wrote: » Really? I thought the whole point of HTB was to make it more attainable for first time buyers to make up their deposit. I really hope this isn’t common practice
autumnbelle wrote: » Does anyone know if your house build is valued too high in comparison to the mortgage your offered is there anyway to claim this- our mortgage to cost of build will be over the 70% but with the valuation will be 65% can we get a loan to build shed or finalise house and include it to make up the loan to value of 70%
Daniogroove wrote: » Are you saying you're building a house that will be worth less money when it's finished than the cost of building it?
GingerLily wrote: » No the process increases the value. Example : Build costs 300k, fund 60k yourselves and borrow the remaining 80%. The house is then valued at 400k when complete, so the loan 240k is only 60% of the value of the property. No idea what the policy is and it seems unfair for self builds, as you'd always assume the value of the finished house would be worth more then the cost of site and build!
Daniogroove wrote: » Ah i get ya now. My friends up the road built a 3000sq ft house on their own site. Mortage of 180, with about 55 of their own money. House is easily valued over 420k so i wouldn't worry about that. The help to buy is for the build cost.. the valuation at the end is more for the banks and your home insurance.. the LTV is just making sure you borrow at least 70% of build cost, not value.
autumnbelle wrote: » We are being told that the amount we need to borrow has to be greater then 70% of the value. Would love and be so relieved if its 70% of build cost?
Daniogroove wrote: » It's just phrased badly. When they say that they're talking about people buying a new home. Give revenue a ring if you really want to put your mind at ease. Even if you apply now you can't claim until after your final drawdown and the mortgage will be settled which i assume would be next year? The scheme currently only runs to the end of the year unless extended in the budget. Also if you apply now and get approval you'll need to reapply next year (if it's still around) as it's based on the tax of the four years previous.
autumnbelle wrote: » We can get it after the first drawdown, is it not the value that the auctioneer values the house at that is put in the mortgage contract and then this uploaded to revenue for the value?
Daniogroove wrote: » Be careful if you get it the first drawn down coz if you need more you'll lose out or use less than what you're approved for and you'll owe it back to revenue.
autumnbelle wrote: » We definitely wont use less then we are approved for as we will be very tight as it is with the amount of mortgage that we will get its just the valuation we got from auctioneers puts us outside the 70% which must be the same with all self builds now?
