Checklists
Checklist provided by
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Visit helptobuy.org.uk and arrange to talk or meet with a Help to Buy agent prior to going to a lender, as they will discuss ALL your buying options. | |
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Make sure you have a 5% deposit available. For example, if the property is being sold for £100,000, you will need £5,000, plus your buying and moving costs. | |
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Find out which lenders are offering Help to Buy, at the time of launch this was NatWest, RBS and Halifax. | |
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Compare the Help to Buy mortgage rates and costs against the cost of other 95% mortgage rates as they may be cheaper, ideally use a mortgage broker eg Coreco. | |
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Work out which is the right scheme for your circumstances. For example, is it Help to Buy an existing home or a new build? Shared Ownership? NewBuy? Buy 70%? | |
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View different properties and schemes – take your time, don’t rush, and find the property which is right for you, especially so you aren’t overstretching your finances. | |
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Make sure you understand what happens to your mortgage payments if interest rates go up 1%, 2% or more. Make sure you can afford them. | |
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Ensure you have identified a legal company to use who knows how to buy through Help to Buy and is on the lender’s panel of conveyancers. | |
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Once you have found a property you want, advise your broker/lender. Please note, you do not have to offer the full asking price for ANY property under Help to Buy. | |
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Make your offer based on the recent sold prices of similar properties nearby and include the details of your legal company. | |
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Make your offer conditional on an RICS condition, homebuyer or structural survey. | |
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If your offer is accepted, ask for this in writing by the estate agent or vendor. | |
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Ask the agent (in writing) as part of the offer to take the property off the market for four weeks – secure their acceptance in writing. | |
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Your application for monies will be made which the mortgage lender and legal company will handle for you. | |
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You will need to complete the Help to Buy Property Information Form, which the lender will give to you, this form confirms your agreement to the scheme funds | |
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You will need to confirm that the Help to Buy home will be your only residence.You will not be allowed to sub-let your property. | |
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To enable you to exchange contracts, you will need to have your deposit monies ready in the legal company's bank account. | |
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When all the finances and legal paperwork have been completed, you will be ready to exchange contracts. | |
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Once you have exchanged, you can organise your move either using a 'man with a van' or a removals company, or if moving yourself, hiring a van. | |
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Make sure you organise your change of addresses and consider using the Post Office redirection service for three to six months. | |
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On completion, your legal company and lender will organise for the vendor to be paid for the property and you can pick up the keys. | |
