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

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    #1502
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    danny19861986 wrote: »
    Hi lads. Just as confused as everyone else on this thing. Well I understand it but clearly my solicitor doesn't. Right 1st off my new build won't be ready til next year but I'm being told when I sign contracts in the next 2 weeks or so that I'll have to have the 10% deposit paid to the solicitor when I sign the contract as it will be going to the builder once they sign there end. Here is where the confusion lies as I can't go forward with the process as I can't go past stage 1 which is uploading the signed contracts as I have to give 10% deposit to get the signed contracts. Surely this can't be right? What is the norm here with regards how this works? Obviously if I go ahead and do it the way my solicitor thinks it is then I've to come up with the full deposit for which I'll have to borrow a small bit of. And how will I then get refunded the 5%? Would greatly appreciate any help. Thanks in advance.

    Once your htb application is successful, you give your access number ,application number and total amount available to you to your lender and solicitor. When the contracts are signed you pay the deposit -5% or amount available to you (to a max of 20,000), whichever comes first. The contracts are uploaded to your application and revenue then pay the developer the 5% directly. If the developer and the property you are buying are registered under the scheme they have nothing to worry about.


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    #1503
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    myshirt wrote: »
    Correct, but some FTB's give the 10% and then just get a slightly smaller mortgage. They do it because builders are offering fully fitted kitchens, flooring etc to people who sign contracts within 21 days of booking. You don't get that kitchen unless you sign within 21 days and pay the 10% deposit, so FTB's do it.
    I've never heard that, to be honest sounds completely wrong. The bank are then losing out on interest on you.. and no way they're letting that happen surely?


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    #1504
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Daniogroove wrote: »
    I've never heard that, to be honest sounds completely wrong. The bank are then losing out on interest on you.. and no way they're letting that happen surely?

    What?

    It reduces the banks leverage if they lend you 85% rather than 90%.


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    #1505
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    myshirt wrote: »
    What?

    It reduces the banks leverage if they lend you 85% rather than 90%.

    Of course but over a 30/35 year mortgage they are losing practically double the value of the scheme. Besides the scheme is there to help you with your deposit. It defeats the entire point if you have to pay the full thing.


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    #1506
    testicles
    Closed Accounts Posts: 1,198 ✭✭✭testicles


    This post has been deleted.


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    #1507
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    testicles wrote: »
    What's wrong about it?

    Reducing your mortage doesn't help you to buy anything. It's to help with your minimum legally required deposit of 10%.


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    #1508
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Daniogroove wrote: »
    Reducing your mortage doesn't help you to buy anything. It's to help with your minimum legally required deposit of 10%.

    Yes, agreed. What I am trying to say to you is that some builders don't want to be waiting on the 5% from the taxman for 7-8 months while they build you the house. It is a risk, but also they pay interest on it.

    They would prefer you gave the 10%.

    To encourage you to do this they point to their offers of fully fitted kitchens if you sign in 21 days and pay 10%. The result is people are doing it.

    However, yes, absolutely if you want to give them 5% and tell them hold on for the taxman to fix them up, that's fine, you can do it, you are entitled to, and they have to cooperate, but you won't be getting your fitted kitchen or floors. You will have to pay for them yourself.


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    #1509
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    myshirt wrote: »
    Yes, agreed. What I am trying to say to you is that some builders don't want to be waiting on the 5% from the taxman for 7-8 months while they build you the house. It is a risk, but also they pay interest on it.

    They would prefer you gave the 10%.

    To encourage you to do this they point to their offers of fully fitted kitchens if you sign in 21 days and pay 10%. The result is people are doing it.

    However, yes, absolutely if you want to give them 5% and tell them hold on for the taxman to fix them up, that's fine, you can do it, you are entitled to, and they have to cooperate, but you won't be getting your fitted kitchen or floors. You will have to pay for them yourself.

    If they have their stuff in order, they get the payment after 5 days working days.


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    #1510
    danny19861986
    Registered Users Posts: 13 ✭danny19861986


    68 lost souls wrote: »
    No you should only be giving 5% that is the purpose of the scheme.

    Cheers for reply.I know that and you know that but clearly my solicitor isn't fully aware of how this works.


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    #1511
    danny19861986
    Registered Users Posts: 13 ✭danny19861986


    Daniogroove wrote: »
    Once your htb application is successful, you give your access number ,application number and total amount available to you to your lender and solicitor. When the contracts are signed you pay the deposit -5% or amount available to you (to a max of 20,000), whichever comes first. The contracts are uploaded to your application and revenue then pay the developer the 5% directly. If the developer and the property you are buying are registered under the scheme they have nothing to worry about.

    This is about the clearest I will get. Thanks very much for your detailed reply. I will follow up over the next few weeks to let others know how it goes.


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    #1512
    Daniogroove
    Registered Users Posts: 255 ✭✭Daniogroove


    danny19861986 wrote: »
    Cheers for reply.I know that and you know that but clearly my solicitor isn't fully aware of how this works.

    Ya i had to explain it all to my solicitor, his solicitor and the developer himself.. it's chronic! But don't be deterred, it's worth way too much to just let it go.


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    #1513
    Nastygal2511
    Registered Users Posts: 77 ✭✭Nastygal2511


    Has anyone tried to upload today? I keep getting an error message.


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    #1514
    AsianDub
    Registered Users Posts: 434 ✭✭AsianDub


    Payed 5% and didn't sign within 21 days for the appliances but solicitor stated I'd still be getting them according to the contract when I did sign.


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    #1515
    danny19861986
    Registered Users Posts: 13 ✭danny19861986


    Don't know what that 21 day thing is and don't care either lol as it has no effect on me and I'd say 99% of people.


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    #1516
    Klonker
    Registered Users Posts: 1,667 ✭✭✭Klonker


    Nastygal2511 wrote:
    Has anyone tried to upload today? I keep getting an error message.

    Wouldn't work for me on chrome but other browsers worked.


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    #1517
    heritz
    Registered Users Posts: 34 ✭heritz


    Nastygal2511 wrote: »
    Has anyone tried to upload today? I keep getting an error message.

    Same here. I tried to upload the documents for the claim and kept on getting a generic error at the very end. I rang Revenue and they said some people are having issues with the portal and should try again tonight or tomorrow. :confused:


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    #1518
    heritz
    Registered Users Posts: 34 ✭heritz


    Just so people know, after trying to upload the signed documents during the evening, it only let me finish the process after midnight, even then, the step where you sign the form and get the claim reference took several minutes to load.


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    #1519
    Daisy78
    Registered Users Posts: 1,028 ✭✭✭Daisy78


    How long does it take, on average to get approval for the first stage of this process? Are we talking days or weeks?


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    #1520
    MayoSalmon
    Registered Users Posts: 2,240 ✭✭✭MayoSalmon


    Daisy78 wrote: »
    How long does it take, on average to get approval for the first stage of this process? Are we talking days or weeks?

    Days


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    #1521
    conf101
    Registered Users Posts: 1,037 ✭✭✭conf101


    Daisy78 wrote: »
    How long does it take, on average to get approval for the first stage of this process? Are we talking days or weeks?

    Days. Might even be within around 24 hours, depending on what time of the day you submit your application


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    #1522
    Amzie
    Registered Users Posts: 547 ✭✭✭Amzie


    Hi, just need a little advise, we are unsure if we should apply for the HTB online now or in January because our earnings were higher in this year compared to one of the years we would be including If we apply now.

    The house won't be fully built until July maybe August. I rang revenue and they weren't very clear just that we can apply in January If we like but our P60s will need to be returned as well. Is it too late to be applying in January eg would it be processed on time or should we just apply now and lose out on extra we would get from HTB?


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    #1523
    conf101
    Registered Users Posts: 1,037 ✭✭✭conf101


    Amzie wrote: »
    Hi, just need a little advise, we are unsure if we should apply for the HTB online now or in January because our earnings were higher in this year compared to one of the years we would be including If we apply now.

    The house won't be fully built until July maybe August. I rang revenue and they weren't very clear just that we can apply in January If we like but our P60s will need to be returned as well. Is it too late to be applying in January eg would it be processed on time or should we just apply now and lose out on extra we would get from HTB?

    If the house isn't going to be built until next summer then January or February would be loads of time to apply. If there's going to be a big difference in the amount you can claim, I'd wait.


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    #1524
    Amzie
    Registered Users Posts: 547 ✭✭✭Amzie


    conf101 wrote: »
    If the house isn't going to be built until next summer then January or February would be loads of time to apply. If there's going to be a big difference in the amount you can claim, I'd wait.

    Great thanks, I was just worried the application might take a long time to complete.


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    #1525
    ck0
    Registered Users Posts: 66 ✭✭ck0


    Hi,

    I didn't find anywhere on boards.ie where it would be summarized the process of applying for htb and related steps.
    Can somebody please share?

    So far we did:
    1. Applied for htb on revenue and received codes
    2. provided codes to the builder
    3. builder's solicitor issued Contracts to our Solicitor but nothing is mentioned in the Contracts related to htb (thus total amount outlined in the contract is full amount) - is that normal? Let's say if house is 300k and we sign the contract for this price having somewhere on the background approval for htb of 15k - how and when this will reflect the amount to pay? We are stuck on this step. Please help.


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    #1526
    BigAl81
    Registered Users Posts: 1,115 ✭✭✭BigAl81


    Hi guys,

    Does anyone know how long it takes from uploading the contracts to the funds being released to the developer?

    Hoping to upload the contracts tomorrow ;)

    Thanks.


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    #1527
    puamch
    Registered Users Posts: 20 ✭puamch


    If the HTB is used to pay part of the contract signing amount then amount should be reflected in the contract as it can only be signed by both parties upon transfer of the said amount (e.g. 10% of the total price.)


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    #1528
    ck0
    Registered Users Posts: 66 ✭✭ck0


    puamch wrote: »
    If the HTB is used to pay part of the contract signing amount then amount should be reflected in the contract as it can only be signed by both parties upon transfer of the said amount (e.g. 10% of the total price.)

    Would that mean that HTB can be used to partially pay 10% deposit of the property? Basically, we pay 5% from savings to Solicitor account, and we give HTB access code and other details to a Builder who will obtain the rest 5% from revenue? Is that correct? But we don't have anything mentioned in the Contract, shall we?


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    #1529
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    ck0 - I've moved your short thread into the main Help-to-buy thread.
    All the of the questions you've asked are in this thread already- you would be well advised to spend a little time reading here.

    Kind regards-

    The_Conductor


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    #1530
    mick2311
    Registered Users Posts: 28 ✭mick2311


    I have recently put down a booking deposit for a new build house. Contracts have not been issued yet but are due out anytime. House will not be built untill April 2018 at the earliest. Here's the dilemma this year help to buy relief is only 4k but if we wait untill next it would be 15k. Any advice would be appreciated. From my understanding if I sign on the 2nd of January next year and use can claim the 15k relief but would a supplier allow this length of delay in signing.


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    #1531
    Jeffy17
    Registered Users Posts: 74 ✭✭Jeffy17


    mick2311 wrote: »
    I have recently put down a booking deposit for a new build house. Contracts have not been issued yet but are due out anytime. House will not be built untill April 2018 at the earliest. Here's the dilemma this year help to buy relief is only 4k but if we wait untill next it would be 15k. Any advice would be appreciated. From my understanding if I sign on the 2nd of January next year and use can claim the 15k relief but would a supplier allow this length of delay in signing.



    I'd imagine that's up to your builder as with some builders will include appliances if contracts returned within 21 days. Personally it seems waiting until January would be in your interest as you'll have difference of 11k (between your HTB allowance now and in January) where your appliances will not cost less than the difference


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