Help to Buy ISA bonus savings accounts – frequently asked questions for clients
How is my Help to Buy ISA drawn down and what documentation is required?
You need to ask your bank to provide you with a closing statement and advise them that the account will be drawn down by your solicitor within the next few weeks. We will need a copy of this statement which shows your name, account number and the closing balance. When emailing this to us please do so under a new subject heading which is clearly marked “help to buy ISA closing statement”. Please advise as to when you would like us to request the funds in this email.
You will need to complete, sign and return (by post) the First Time Buyer Declaration that we send to you. This is to confirm that you do not own, and have never owned, any interest in land anywhere in the world. Without this, the funds can’t be requested.
What do we do where there is more than one purchaser with a help to buy ISA?
If multiple clients are purchasing a property together and are each entitled to a bonus, each request has to be submitted on an individual basis. You will need to send us closing statements for each account that you have.
When will the request be made?
As the timeframe for funds transfer is five working days, it is advisable for us to submit the request once exchange of contracts has taken place, and very shortly after to avoid any potential delays.
Can the bonus be requested following completion of the property purchase?
No. Retrospective bonus requests are not permitted.
Will my ISA bonus be shown on my completion statement?
The amount that you are claiming will only be shown on your completion statement as a credit once we have the funds in our account.
If you need a solicitor to act for you who is registered with the Help to Buy ISA account portal, please call us on 0207 183 0084 or email us on email@example.com for a fixed fee conveyancing quotation; we are always happy to assist.
Ayesha Leslie, Partner
Ola Leslie Solicitors
The contents of this page are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this page.
We are conveyancing solicitors, help to buy solicitors, bridging loan solicitors, new build solicitors, shared ownership solicitors, right to buy solicitors, remortgage solicitors, equity release solicitors and transfer of equity solicitors in Borough High Street, London Bridge, Southwark, SE1.