Here at Sheltons we understand how difficult it is for first time buyers to get a step on the housing ladder and we are here to offer advice and assistance in this respect.
The Government has tried to introduce measures to give a helping hand to first time buyers. Since 22nd November 2018, first time buyers do not have to pay stamp duty on any properties worth up to £300,000.00.
There is also a Help to Buy Equity Scheme available to first time buyers who want to buy a new build property. Under the scheme you could borrow up to 20% of the purchase price, interest free for the first five years – as long as you have at least 5% deposit of the purchase price available. The purchase price must be no more than £600,000.00 to be able to qualify for this scheme which is currently available until 2021. (In London you can borrow up to 40% of the purchase price).
The Government has also introduced the Help to Buy ISA bonus which means that they will ‘top up’ your Help to Buy ISA savings by 25%. This means for every £200.00 you save, the Government will ‘top up’ the bonus by £50.00. The maximum bonus you could receive is £3,000.00 and this would be based on savings of £12,000.00. The minimum bonus you could receive is £400.00 and this would be based on savings of at least £1,600.00. Therefore to qualify for the bonus you must need at least £1,600.00 in savings. Each individual Buyer could have a Help to Buy bonus and this is per individual and not per household/couple.
Our conveyancing solicitors and executives offer high quality advice throughout the transaction allowing you to make informed decisions.
We can also provide advice in respect of shared ownership properties and right to buy properties which can also offer first time buyers a step onto the housing ladder.
Get in touch with your local conveyancing team in Bulwell or Hucknall for more information.
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Barry & Rena
Sheltons Solicitors is a trading name of Edward Hands & Lewis Limited, a company registered in England & Wales with company number 07001422 having its registered office at City Gate House, 11 St Margaret’s Street, Leicester, LE1 3EA. The directors are Jason Hathaway, Leanne Hathaway, Andrew Robinson, Paul Stubbs and Emma Fuller. We use the word “Partner” to refer to the most senior individuals at Edward Hands & Lewis Limited and its use in connection with the business of Edward Hands & Lewis Limited should not be construed as an indication that any individual carries on business in Partnership with any other individual within the meaning of the Partnership Act 1980, or that they are personally liable to you or any other party for any acts or omissions. Individuals named as Partners owe no personal obligations to you in either contract or tort, nor does the title “Partner” mean that they have any authority to bind the firm. We are authorised and regulated by the Solicitors Regulation Authority and our registered practice number is 533589. Our VAT No. is 114080418.