Help to Buy conveyancing for new-build homes
Help to buy conveyancing for new-build homes
It can be extremely difficult to get your foot on the first rung of the property ladder. With high rentals and the need for a large deposit it can often feel like an impossibility. If you are a first-time buyer then through the government’s Help to Buy schemes there is a way you can purchase a property with an interest-free equity loan.
Help to Buy
The scheme applies to brand new properties only with the value of the property being capped at £600,000. It should be noted that this scheme does not just apply to first-time buyers, but you must not own another freehold or leasehold property in the UK or one of equivalent interest anywhere else in the world. A mortgage will be required in the same way and the value of the government loan offered is at a maximum of 20% of the full price of the property.
You will need to raise a 5% deposit on the share you are purchasing and your mortgage will cover the remaining 75% (including of 20% interest-free equity loan). Once you have owned your property for more than a year you will be eligible to purchase a larger percentage of your home.
Before you embark on purchasing your first home it is wise to seek expert legal advice, especially if you are opting for a government assisted scheme. You will want to explore all possibilities and be armed with all the relevant information.
At Tayntons we sit on a panel of various participating developers and house builders, and we are also extremely knowledgeable on the property market in Gloucestershire. With your best interests at heart we are here to advise and support you on your property purchase.