For first-time buyers, pulling together a deposit is often the hardest part of getting on the property ladder. The Help to Buy scheme exists to ease exactly that pressure.
It’s genuinely valuable — but the rules on who qualifies and when to apply catch people out, so it’s worth understanding before you go sale agreed.
Help to Buy can put a significant sum toward the deposit on your first home.
Who qualifies
The scheme is aimed at first-time buyers purchasing or building a new home to live in as their main residence. Both the property and your circumstances have to meet the criteria.
How much you can claim
The relief is calculated as a percentage of the purchase price up to a maximum cap, funded from income tax and DIRT you have paid over previous years. The exact figure depends on your tax history and the value of the home.
Where it fits in conveyancing
The application is best started before you go sale agreed, so the timing lines up with your purchase.
Once you have a signed contract, the claim moves forward and your solicitor and lender coordinate the paperwork.
The relief is applied toward your deposit or the purchase, integrated with the wider conveyancing process.
Because the timing of your application interacts with the purchase, it pays to get advice before you commit. We coordinate the scheme alongside the rest of your conveyancing so nothing slips.
How Oak Legal helps
You’ll deal directly with Jason Burke, who will guide you from sale agreed to the keys in your hand — including how Help to Buy fits into your particular purchase.