Help To Buy ISA Gets Thumbs Up From Pearson Property Lawyers
First time buyers are being encouraged to take up the Government’s Help to Buy ISA and Pearson’s property expert, Sarah Major, says she welcomes the move to encourage people onto the property market.
“January was a busy month for us with a variety of new instructions, but seeing first time buyers and helping them take their first steps onto the property ladder is rewarding and with this scheme I look forward to assisting even more,” she said.
“Pearson’s have a large team of experienced staff in our property department to deal with all aspects of Help to Buy. The landmark scheme was launched in December and not many people are aware of it, as a professional property lawyer it’s my duty to explain its merits and with the back up of our Financial Services team we are well equipped to assist first time buyers make the most of their hard earned deposits.”
Over 25,000 people have taken out a Help to Buy: ISA in the North West of England.
The scheme gives first time buyers the opportunity to save up to £200 a month in a dedicated ISA that the government will top up by 25%, up to a maximum of £3,000 top up against £9,000 saved.
First-time buyers eager to make the most of the scheme can also open their account with a one-off lump sum of up to £1,000 in addition to the monthly maximum.
As the scheme is per person this means that couples buying together will be able to combine their bonuses with up to £6,000 towards a deposit for a first home.
As Sarah explained, to qualify they must be:
- First time buyers and not own any other property anywhere in the world
- Over 16
- Have an NI number
- Be a UK resident
- Not have another active cash ISA in the same tax year
The property they are buying must:
- Be in the UK
- Cost up to £250,000 or up to £450,000 in London
- Not be rented out after purchase
- Be bought with a mortgage
Commenting on how the scheme works, Sarah said: “It is in fact a very simple scheme, when you buy your first home, your solicitor or conveyancer will deal with all aspects of your purchase including applying for your government bonus”.
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
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