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2017-21 help to buy scheme - megathread. All help to buy discussion here please

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    #2582
    KylieWyley
    Registered Users Posts: 547 ✭✭✭KylieWyley


    Should contracts specifically mention HTB?

    Builder not currently listed as Registered Qualifying Contractor. He assures me that the paperwork is very straightforward and that it will be completed.

    The concern would be you sign contract and it later turns out that he is ineligible for whatever reason and I then find myself committed to a real purchase price 5% greater than originally anticipated.


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    #2583
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    KylieWyley wrote: »
    Should contracts specifically mention HTB?

    Builder not currently listed as Registered Qualifying Contractor. He assures me that the paperwork is very straightforward and that it will be completed.

    The concern would be you sign contract and it later turns out that he is ineligible for whatever reason and I then find myself committed to a real purchase price 5% greater than originally anticipated.

    Yes your contract should have a clause re HTB. Also if the HTB money is needed to buy the house as part of funds, it’s an issue for the bank. They usually have a condition that they builder needs to eligible or require a letter from the builder that received the HTB funds. Talk to your solicitor but I’d be reluctant to sign contracts until the builder is sorted. Or unless your solicitor had a clause In there that the contract is signed strictly subject to HTB funds been drawdown. From what I understand, usually clearance isn’t given to a builder of they have outstanding tax issues with revenue.


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    #2584
    KylieWyley
    Registered Users Posts: 547 ✭✭✭KylieWyley


    Dolbhad wrote: »
    Yes your contract should have a clause re HTB. Also if the HTB money is needed to buy the house as part of funds, it’s an issue for the bank. They usually have a condition that they builder needs to eligible or require a letter from the builder that received the HTB funds. Talk to your solicitor but I’d be reluctant to sign contracts until the builder is sorted. Or unless your solicitor had a clause In there that the contract is signed strictly subject to HTB funds been drawdown. From what I understand, usually clearance isn’t given to a builder of they have outstanding tax issues with revenue.

    I had assumed this should be the case. Unfortunately, my solicitor hadn't picked up on this omission (along with other important details) which gave me cause for concern that he didn't have his eye on the ball.

    Thanks for your response. Just wanted to make sure I wasn't being overly cautious!


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    #2585
    oleard1987
    Registered Users Posts: 171 ✭✭oleard1987


    i have a query regarding the help to buy ,HTB has been done and we have the pin
    We paid the €5k deposit to the developer and we then received our loan offer from the bank
    Then we met with our solicitor and signed the contracts and gave the developer our pin for the HTB
    I rang revenue a few days ago as i came across the thread where some said "Once you get the counter-signed contract back, you need to upload them and proof of mortgage (loan offer?) to the revenue site. After that you give the resultant codes to the builder"and they said that the developer uploads these so i am now very confused

    Do we have to upload the contracts signed by us and the developer to revenue and the loan offer signed so that they can claim the money or does the developer upload them and claim
    Thanks in advance


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    #2586
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    You yourself have to do it. The developer isn't going to have your loan offer letter.


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    #2587
    scabo33
    Registered Users Posts: 82 ✭✭scabo33


    Just paid down a deposit of a house thinking this would help. Never earned more than 30k the last 4 years thanks to zero hour contract work and wife only working since last year.

    Presuming I will get a pretty crap figure. Was hoping for about 12k.


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    #2588
    KylieWyley
    Registered Users Posts: 547 ✭✭✭KylieWyley


    scabo33 wrote: »
    Just paid down a deposit of a house thinking this would help. Never earned more than 30k the last 4 years thanks to zero hour contract work and wife only working since last year.

    Presuming I will get a pretty crap figure. Was hoping for about 12k.

    If you look back at your P60s for previous years or log into your Revenue myAccount, you'll get a good idea of how much tax you've paid over the past years and how much you might be entitled to.


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    #2589
    oleard1987
    Registered Users Posts: 171 ✭✭oleard1987


    Phileas Frog wrote: »
    You yourself have to do it. The developer isn't going to have your loan offer letter.

    I was thinking the same ,good to see the staff at the revenue are well clued in
    Solicitor got the signed contract for us today so going to upload tomorrow


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    #2590
    Mitch Connor
    Registered Users Posts: 45,010 ✭✭✭✭Mitch Connor


    Is it common/normal/correct that we have to pay the 10% ourselves, and then the developer will refund our 5% (via HTB) upon handing over of keys?

    I thought they would take 5% from us, and 5% from HTB, but our contract is stating they want the 10%. Frustrating as it will mean we have zero cash to start paying for things until after we are moved in and the refund issued.

    Also means we need the full deposit in order to buy the house.... which is not what I thought the HTB would be about.

    If (as above) we pay the 10% get counter signed contract back, upload to revenue, get code, give code to Developer; should they be refunding the 5% as soon as they get it or can they hold on to it the sale is closed?


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    #2591
    Brian201888
    Registered Users Posts: 1,048 ✭✭✭Brian201888


    No that's not normal, you should be paying 5% and the other 5% coming from the help to buy


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    #2592
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Brian201888 wrote: »
    No that's not normal, you should be paying 5% and the other 5% coming from the help to buy

    Agreed. This is standard. You can have awkward builders that insist on 10% but release the 5% once they receive the help to buy funds. But that is even uncommon since it’s more work for the builder taking money and giving it back. Talk to your solicitor and ask them to go back on this term in the contract if contacts haven’t been signed.


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    #2593
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    We paid 10% and claimed 5% back at drawdown, it suited us. AFAIK some developers are being awkward about allowing HTB as part of contracts signing.

    It is against the spirit of the grant but I believe its allowed!


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    #2594
    el Fenomeno
    Registered Users Posts: 3,110 ✭✭✭el Fenomeno


    Is your developer on the list of qualifying developers? If not, then you'd be in a spot of bother as they wouldn't get the 5% until they're approved, and thus wouldn't be refunding you anything.


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    #2595
    Mitch Connor
    Registered Users Posts: 45,010 ✭✭✭✭Mitch Connor


    Thank you all, confirms what i thought, them being annoying but maybe little we can do about it. No signed yet so will see if the solicitor can do something for us.


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    #2596
    fungie
    Registered Users Posts: 687 ✭✭✭fungie


    When our developer tried to claim the grant they get an error saying code invalid but it's correct. Has anyone had this experience? Our solicitor has been no use.


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    #2597
    fungie
    Registered Users Posts: 687 ✭✭✭fungie


    When our developer tried to claim the grant they get an error saying code invalid but it's correct. Has anyone had this experience? Our solicitor has been no use.


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    #2598
    Mitch Connor
    Registered Users Posts: 45,010 ✭✭✭✭Mitch Connor


    fungie wrote: »
    When our developer tried to claim the grant they get an error saying code invalid but it's correct. Has anyone had this experience? Our solicitor has been no use.

    Best bet would be to get on to the Revenue about it.

    I assume its the code after uploading your counter-signed contract to the revenue you are having the issue with. I've not got that far in the process myself yet - we should get our counter signed contract back next week so I'll (my wife...) will be on to that step then.


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    #2599
    fungie
    Registered Users Posts: 687 ✭✭✭fungie


    Mitch Connor wrote: »
    fungie wrote: »
    When our developer tried to claim the grant they get an error saying code invalid but it's correct. Has anyone had this experience? Our solicitor has been no use.

    Best bet would be to get on to the Revenue about it.

    I assume its the code after uploading your counter-signed contract to the revenue you are having the issue with. I've not got that far in the process myself yet - we should get our counter signed contract back next week so I'll (my wife...) will be on to that step then.

    We haven't uploaded anything to revenue. Our solicitor hasn't mentioned anything about doing it. They just asked for the codes.


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    #2600
    Mitch Connor
    Registered Users Posts: 45,010 ✭✭✭✭Mitch Connor


    fungie wrote: »
    We haven't uploaded anything to revenue. Our solicitor hasn't mentioned anything about doing it. They just asked for the codes.

    There are two codes. First code us your access code which is your approval for HTB.

    You sign your contract.
    That is sent to the vendor solicitor.
    They send back a counter signed contract.
    You upload that counter signed contract to the revenue.
    You then get a new code which is the code for claiming the grant.
    You give that new code to the vendor, that's the code they are looking for.


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    #2601
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    fungie wrote: »
    We haven't uploaded anything to revenue. Our solicitor hasn't mentioned anything about doing it. They just asked for the codes.

    Your developer can't claim the grant until you upload signed contracts to revenue.


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    #2602
    fungie
    Registered Users Posts: 687 ✭✭✭fungie


    awec wrote: »
    fungie wrote: »
    We haven't uploaded anything to revenue. Our solicitor hasn't mentioned anything about doing it. They just asked for the codes.

    Your developer can't claim the grant until you upload signed contracts to revenue.

    You'd think this is something the solicitor would mention.


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    #2603
    Mitch Connor
    Registered Users Posts: 45,010 ✭✭✭✭Mitch Connor


    fungie wrote: »
    You'd think this is something the solicitor would mention.

    Yup. I'm surprised your solicitor seems unaware of this.

    It was one of the first things my solicitor said to us.


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    #2604
    markyspark
    Registered Users Posts: 1 ✭markyspark


    Hi
    The HTB scheme ends 31st December
    We are approved for HTB but are only in the process of buying a site with planning
    Can we use the HTB against the purchase of the site or is it primarily for 'building'
    Conscious that we won't have a builder in place prior to the cut off date
    Thanks


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    #2605
    Motivator
    Registered Users Posts: 2,741 ✭✭✭Motivator


    I know this question has probably been asked 1 million times already but there are too many pages to trawl through to get the answer I’m looking for.

    I’ve submitted an application that just included my tax certs, I presume it’s a provisional application for the Help To Buy. We’ve paid a booking deposit on the house and halve started the process of meeting with a solicitor to discuss things. Due to gambling activity on my account we’re going to push out the mortgage application until the new year to make sure everything is ok on my statements. The house won’t be ready until August 2020 so we’ve plenty of time to get things in order but I’m worried about the HTB scheme. The cut off date is looming and we won’t have mortgage approval until the new year, will we miss out on the HTB scheme if the mortgage isn’t approved by December 31st? We’ll have contracts signed on the basis of mortgage approved in principal.


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    #2606
    fifth
    Registered Users Posts: 3,135 ✭✭✭fifth


    Motivator wrote: »
    I know this question has probably been asked 1 million times already but there are too many pages to trawl through to get the answer I’m looking for.

    I’ve submitted an application that just included my tax certs, I presume it’s a provisional application for the Help To Buy. We’ve paid a booking deposit on the house and halve started the process of meeting with a solicitor to discuss things. Due to gambling activity on my account we’re going to push out the mortgage application until the new year to make sure everything is ok on my statements. The house won’t be ready until August 2020 so we’ve plenty of time to get things in order but I’m worried about the HTB scheme. The cut off date is looming and we won’t have mortgage approval until the new year, will we miss out on the HTB scheme if the mortgage isn’t approved? We’ll have contracts signed on the basis of mortgage approved in principal.

    I am actually in a similar boat. I have approval from revenue for the HTB up to 20k. However I haven't finished saving up my portion of the deposit yet and won't have it until around March 2020.

    I read here on this article:
    Revenue has confirmed that if a first-time buyer submits an application by the end of this year, but doesn’t actually go ahead and purchase their property until 2020, then they will still be eligible for the rebate provided that they make their claim by March 31st, 2020.

    Not sure if this is actually correct as my mortgage broker said I'd be better to confirm with revenue directly. It does seem like it would be unlikely for the govt not to extend the scheme, but you never know. :(


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    #2607
    MrsHegsy
    Registered Users Posts: 15 ✭MrsHegsy


    fifth wrote: »
    I am actually in a similar boat. I have approval from revenue for the HTB up to 20k. However I haven't finished saving up my portion of the deposit yet and won't have it until around March 2020.

    I read here on this article:



    Not sure if this is actually correct as my mortgage broker said I'd be better to confirm with revenue directly. It does seem like it would be unlikely for the govt not to extend the scheme, but you never know. :(

    You can "Sale Agree" on your new house, and process your help to buy as long as you have signed contracts and proof of mortgage approval. Talk to your builder and ask if they would be happy to receive your help to buy immediately and the remainder of your deposit in March 2020. The main thing would be signing your contracts and getting your mortgage approval I believe.


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    #2608
    Inoyton
    Registered Users Posts: 23 ✭Inoyton


    Hey lads,

    I couldn't really find an answer, so decided to post it here. If I buy something with HTB (let's say apartment) and then in few years we have another kid - would I be able to switch to bigger place or I have to stick to this particular one for 5 years.


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    #2609
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Inoyton wrote: »
    Hey lads,

    I couldn't really find an answer, so decided to post it here. If I buy something with HTB (let's say apartment) and then in few years we have another kid - would I be able to switch to bigger place or I have to stick to this particular one for 5 years.

    https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

    This has the information you need, in the clawback section, it's essentially 20% per year of the 5 years!


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    #2610
    Inoyton
    Registered Users Posts: 23 ✭Inoyton


    GingerLily wrote: »
    https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

    This has the information you need, in the clawback section, it's essentially 20% per year of the 5 years!


    You are savior. Thank you very much.


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    #2611
    raf25
    Registered Users Posts: 1 ✭raf25


    Hi all, I tried searching through the thread to find an answer and online with no help. Hopefully someone will have an answer.

    Me and my partner, applied as a group for this scheme however, in the application itself, it shows on my account that she needs to confirm membership and, on her account, it shows that I do. The application itself shows that it's under review but it's been like this for a week. I'm unsure on how long this can take and the 'My enquiries' portal can take 25 working days for a response. Thanks in advance!


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