If you think that you can’t afford to buy a home, the government’s Help To Buy scheme could offer you the chance to get your foot onto the first rung of the property ladder.
However, before you take the plunge into buying a home, you need to know what you are getting yourself into. For example, it may not be possible to sublet a room or to buy the whole property in certain cases.
With this in mind, you could benefit from expert legal advice from specialist property solicitors.
Here at First4lawyers, we can explain your rights in clear and easy terms to help you understand your options, and also help with your conveyancing should you make a purchase. Please contact us for more information.
What is the Help To Buy scheme?
Help To Buy is a government-backed initiative that incorporates a number of different schemes. It aims to get people on to the property ladder who could not otherwise afford to do so.
Help To Buy could help you to buy a home with a deposit of as little as 5% of the purchase price, and the scheme also includes options for first-time buyers to obtain an ISA which includes a bonus from the government, and equity loans on brand new homes.
Help To Buy can also help buyers of brand new homes in London, and people seeking to enter into shared ownership of a home.
How does Help To Buy work?
To qualify for Help To Buy, you must be aged 16 or over, hold a valid UK National Insurance number, be a resident of the UK, and be a first time buyer. If you own a property anywhere in the world, you cannot obtain assistance under the Help To Buy scheme.
To be eligible, the property you are hoping to purchase must be worth up to £250,000 outside of London, or up to £450,000 in London, and must not be a buy-to-let property.
The government’s Help to Buy site has details on how each of the individual products work.
I want to take part in the Help To Buy initiative – where do I start?
If you wish to make use of Help To Buy to purchase a home, you should seek advice from specialists.
The experts at First4lawyers can explain everything you need to know on the legal side in clear and easy-to-understand terms. We can also assign expert conveyancing solicitors to make sure everything is legally sound during the buying process.
Get in contact with one of our advisors for a no-obligation discussion of what we can do for you if you’re interested in purchasing a house through the Help To Buy programme.