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9th Jun 2022|News|New Homes|

Help To Buy Deadline Approaching

The clock is ticking on Help To Buy for new build properties! The decade-old scheme, which started in 2013, will only be open until 31st October 2022, and will only be able to accommodate first time buyers. The popular scheme – which has loaned over £22 billion to new homeowners since its inception – has been of great assistance to those hoping to get a foothold on the property ladder. Today, we’re giving you the rundown on the Help To Buy deadline and when to apply. Whether you’re a homebuilder or a homebuyer, here’s everything you need to know:

 

The Timeline

29th July 2022 – Register and Submit your Funding Forecast

To apply for Help to Buy funding, homebuilders must submit their initial forecasts before the end of July. After this, it takes a minimum of eight weeks to be fully in contract. All homebuilders must be fully in contract by 30th September 2022.

23rd September 2022 – Homebuilders to Submit Annual 2022-23 Forecast

Homebuilders must submit their 2022-23 forecast to ensure that sales meet legal completion before the scheme ends in March. Unless you have approved funding for this year, your reservations will be rejected by the agent.

21st October 2022 – Change Requests Submission

By this date, homebuilders must submit any change requests via IMS Forecast Management Module.

31st October 2022- Final Date for Homebuyers to Apply for their Equity Loan

Purchasers must reserve their property and submit their Property Information Form to their Help to Buy agent by 6pm on this day. This allows ample time for the homebuyer to legally buy their home before the scheme ends on 31st March 2023.

31st December 2022 – Homebuilder Practical Completion

By this date, you must have finished building your Help to Buy home so that is ready to move into. Furthermore, the property must also have a building warranty and a building regulations completion certificate.

31st March 2022 – Scheme Concludes

Homebuilders must legally complete sales by this date, and they must inform homebuyers if they cannot complete by this date. If this unfortunate case arises, homebuilders must release buyers from their contracts, provide a full refund on reservation fees and return their full deposit.

Visit the Government’s website here for further information.

 

I’m a Homebuyer – What Should I Do Next?

If you’ve been thinking about Help To Buy, it is crucial that you make an informed choice as soon as possible. For those hoping to take advantage of the scheme, you will need to find a property, have an offer accepted, and place a holding deposit. The benefit of the Help To Buy scheme is that prospective purchasers need only put down a 5% deposit on their first property, with the government providing an equity loan of 20% of the property’s value (or 40% for those purchasing in Greater London).

We understand that the Help To Buy window is closing two months prior to the anticipated date, but Centrick are here to help you navigate the property landscape with our team of experts.

 

Help To Buy Event – 16th June

Still confused about Help to Buy? Join us for our exclusive event at our Birmingham City Centre branch for personalised advice on how to make the most of the governments Help To Buy scheme. Click here for further details!

Missed our Help To Buy event? Check out our webinar that breaks down everything you need to know about the Help To Buy equity loan, or alternatively get in contact with Centrick today to discuss how we can help you make sense of the property market: