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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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Phileas Frog

fungie wrote: »

Do you have to use 4 years worth of tax returns? My partner and I are applying for help to buy. She was self employed for part of it but sorted her tax, however, on the website it says it's not cleared. Nobody in Revenue has been able to sort this.

Can she just use, for instance, 2 years and I use 2 years. This would easily cover the 20000?

You can, but you also need a tax clearance certificate which it appears you won't get

MikeJames86

Applied for help to buy with partner so have two questions.

1) Blue tick next to mine and says member confirmed but partner still under review and awaiting confirmation and no help when we rang, anyone else have this problem?

2) IF successful is the money taken off the price of the house or paid to you or paid to the builder and you pay a smaller deposit?

Creamy Goodness

MikeJames86 wrote: »

2) IF successful is the money taken off the price of the house or paid to you or paid to the builder and you pay a smaller deposit?

Smaller deposit required by you (min. 5% vs. 10%), house doesn’t change price.

z0oT

Here's a question:
For anyone that has bought a new build recently and availed of the Help to Buy scheme, if you search for your house on the propertypriceregister, does the right sale price comes up?

I ask because I notice if I search for new builds that I know qualified for the Help to Buy that have now closed, they come up as uneven numbers like 251,175, and the number that's there doesn't make sense whether the Help to Buy amount is included or not.

Maybe it's not such an accurate resource.

https://www.propertypriceregister.ie/website/npsra/pprweb.nsf/PPR?OpenForm

Graham

New builds show prices ex VAT which usually results in odd looking sales figures.

Phileas Frog

z0oT wrote: »

Here's a question:
For anyone that has bought a new build recently and availed of the Help to Buy scheme, if you search for your house on the propertypriceregister, does the right sale price comes up?

I ask because I notice if I search for new builds that I know qualified for the Help to Buy that have now closed, they come up as uneven numbers like 251,175, and the number that's there doesn't make sense whether the Help to Buy amount is included or not.

Maybe it's not such an accurate resource.

https://www.propertypriceregister.ie/website/npsra/pprweb.nsf/PPR?OpenForm

Multiply 251,175 by 1.135 (13.5% VAT) and you get as near as makes no difference to 285,000

z0oT

Phileas Frog wrote: »

Multiply 251,175 by 1.135 (13.5% VAT) and you get as near as makes no difference to 285,000

That explains it, I was calculating it wrong - Thanks.

Maxed-irl

Does it take long after you file a claim for it to be paid to the developer

EmmetCreighton

Maxed-irl wrote: »

Does it take long after you file a claim for it to be paid to the developer

Hi Maxed-irl, the timeline for payment to the developer should not impact your sale as the developer's solicitor is only interested in the application number (of which there are several) but once you have submitted this to your solicitor or the builders agent this will be passed along and they know they will be paid eventually. At times it is not a payment but a recalculation of the VAT they own to Revenue so only the number is important. To get the number takes between a few hours to 10 working days but no longer usually.

Maxed-irl

EmmetCreighton wrote: »

Hi Maxed-irl, the timeline for payment to the developer should not impact your sale as the developer's solicitor is only interested in the application number (of which there are several) but once you have submitted this to your solicitor or the builders agent this will be passed along and they know they will be paid eventually. At times it is not a payment but a recalculation of the VAT they own to Revenue so only the number is important. To get the number takes between a few hours to 10 working days but no longer usually.

Ah thanks I've sent them my application number and entitlement

Rickytumtum

Apologies if this has been asked before -

I'm employed and pay my income tax through my employer/PAYE. I'm also self-employed and submit my tax return on ROS every year. ROS shows my self-employed tax payments, but not the PAYE I also paid...how can I make sure both are taken into consideration when applying for the HTB?

Thanks

Rickytumtum

Rickytumtum wrote: »

Apologies if this has been asked before -

I'm employed and pay my income tax through my employer/PAYE. I'm also self-employed and submit my tax return on ROS every year. ROS shows my self-employed tax payments, but not the PAYE I also paid...how can I make sure both are taken into consideration when applying for the HTB?

Thanks

Is there anyone who can help me with the above or point me in the right direction?

Mickiemcfist

Rickytumtum wrote: »

Is there anyone who can help me with the above or point me in the right direction?

You should ask your employer as your paye returns would have been sent to revenue last month at the latest.

conor_ie

Rickytumtum wrote: »

Apologies if this has been asked before -

I'm employed and pay my income tax through my employer/PAYE. I'm also self-employed and submit my tax return on ROS every year. ROS shows my self-employed tax payments, but not the PAYE I also paid...how can I make sure both are taken into consideration when applying for the HTB?

Thanks

Get in touch with Revenue and they will be able to tell you.

fungie

Myself and my partner are applying to help to buy. She set it up and invited me to the group. I accepted the invitation.

The things is, for me, it says it's 'under review' but for my partner it says I've yet to join and is waiting on me.

Is this unusual?

Maxed-irl

fungie wrote: »

Myself and my partner are applying to help to buy. She set it up and invited me to the group. I accepted the invitation.

The things is, for me, it says it's 'under review' but for my partner it says I've yet to join and is waiting on me.

Is this unusual?

No I had the same

el Fenomeno

fungie wrote: »

Myself and my partner are applying to help to buy. She set it up and invited me to the group. I accepted the invitation.

The things is, for me, it says it's 'under review' but for my partner it says I've yet to join and is waiting on me.

Is this unusual?

This happens quite a bit. You may have to call revenue to have it resolved if it doesn't rectify itself in a few days.

fungie

el Fenomeno wrote: »

This happens quite a bit. You may have to call revenue to have it resolved if it doesn't rectify itself in a few days.

Who do you call in Revenue? My partner has struggled to find anybody to do with the grant when ringing previously.

myshirt

fungie wrote: »

Who do you call in Revenue? My partner has struggled to find anybody to do with the grant when ringing previously.

The person posting is correct. I've seen this issue recently and it does make you feel something is wrong, but it's not. It will sort itself out. They just have a backlog.

I know they are trying to channel queries through MyEnquiries now but unusual you have a problem finding someone to talk to. Put your PPSN into the contact finder and speak to that office. Revenue do make it hard to find the contact number to get the direct line admittedly. If you owe them money however there is no shortage of numbers you can ring

. Never seen any office to answer the phone as swiftly as the Collector General based in Limerick.

fithotbabe

Guys quick question. I just find out about HTB scheme.
My Husband and I we have now 40k deposit and we will get 195k mortgage only. How the HTB scheme work? Is the Government borrow us max 20k for the deposit, am I right?
Do we even get a new build house in our price range? Sorry never looked at the "new build" as it is not our price range

Thank you for clarification

Creamy Goodness

fithotbabe wrote: »

Guys quick question. I just find out about HTB scheme.
My Husband and I we have now 40k deposit and we will get 195k mortgage only. How the HTB scheme work? Is the Government borrow us max 20k for the deposit, am I right?
Do we even get a new build house in our price range? Sorry never looked at the "new build" as it is not our price range

Thank you for clarification

It’s 5% of the purchase price of a new build house, it’s max 20k rebate so you need to buy a house of 400k+ to get 20k. It goes towards your deposit and not a discount of the house price. This is all depending on how much tax you’ve paid in the last 4 years.

You’ll get a new build in your price range, will it be in an area you’d like? Only you know the answer to that.

Don’t forget you’ll need to hold some money back for stamp duty (1%) and solicitor fees, land registry fee etc. So you’ll need to factor them into your calculations.

Lots more info here https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

fithotbabe

Thank you. Ideally Dublin 12, 15, 8
I think I don't understand this concept of tax and I am sorry (English is not my 1st language).
We have 195k +40k saved= 235k
even if I get max 20k with HTB scheme it is not 400k.
So with HTB scheme the maximum we can buy the house is 250k?

Maxed-irl

fungie wrote: »

Who do you call in Revenue? My partner has struggled to find anybody to do with the grant when ringing previously.

I rang revenue and they've no direct contact with the help to buy as it's an office in Waterford I believe. The lady that I got on the phone sent an email to who my claim was flagged up with and by the next day I was approved

Creamy Goodness

fithotbabe wrote: »

Thank you. Ideally Dublin 12, 15, 8
I think I don't understand this concept of tax and I am sorry (English is not my 1st language).
We have 195k +40k saved= 235k
even if I get max 20k with HTB scheme it is not 400k.
So with HTB scheme the maximum we can buy the house is 250k?

The HTB will only give you 5% of the house price. If the house is 200k you’ll only be eligible for max 10k if it’s 250k you’ll only get 12.5k. You won’t get 20k back from HTB unless you buy a house over 400k.

You have 195k + 40k = 235k - 6k~ (solicitor/stamp duty approximately) = 230k~.

Get on daft/MyHome and see if there’s new builds in that price range. I’m guessing not considering new builds in my area (North Wicklow) are 320k and up.

myshirt

fithotbabe wrote: »

Thank you. Ideally Dublin 12, 15, 8
I think I don't understand this concept of tax and I am sorry (English is not my 1st language).
We have 195k +40k saved= 235k
even if I get max 20k with HTB scheme it is not 400k.
So with HTB scheme the maximum we can buy the house is 250k?

Your max budget will about 250 for a new build. There are 2 bed properties available at that price range in Balbriggan, Navan, and Bettystown which you can commute from. They are good areas for that price.

You will need money for stamp duty (tax), legal fees, flooring, and furniture. So start saving that now. You will need another 10,000 at least.

Whodanoob

Can anyone tell me if the government have said anything about replacing the htb scheme with anything when it finishes at the end of the year?I thought I had read about the possibility of a type of savings scheme similar to the SSIA scheme a few year back, but can't find any details on it now.

Ngannou54

How long is the turn around for the help to buy scheme? My wife and I are putting a 7k deposit on a house this week. Contracts are to be signed a week later. Is this enough time to hear back from Revenue? We applied this weekend...

myshirt

Ngannou54 wrote: »

How long is the turn around for the help to buy scheme? My wife and I are putting a 7k deposit on a house this week. Contracts are to be signed a week later. Is this enough time to hear back from Revenue? We applied this weekend...

If your tax record is clean then yeah it is, but people reporting a backlog at the moment. It could take 3 weeks, but no more.

More importantly, who is saying sign the contracts in a week? Go tell them to f*ck off. Don't ever sign a contract in a panic or to get a 1,000 voucher for a washing machine. It could turn out to be the most expensive washing machine you ever buy. Take your time and take your solicitors advice.

Mushy

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

GingerLily

Mushy wrote: »

Quick question on calculating the HTB, myself and wife will be applying when get the 2018 Form 12 back. The 5% figure will be 12,850. Does that mean, between us, we have to have paid 12,850 tax in last 4 years? Have heard we combine and then half the amount paid, hence the question. Between us we'll have comfortably paid enough, but may be slightly less than fat if halved

You can claim from anyone in the group or split it however you want so that it adds to 5% provided that you've paid enough tax to claim it.

I could have claimed the 5% myself where as my husband didn't quite have enough for half that from his tax, so we split it 70/30.