Since 1 February, conveyancing solicitors have been able to make a bonus application under the Help to Buy ISA scheme on behalf of their clients.
Conveyancing solicitors must register for the online scheme through Lender Exchange or directly with the scheme administrator through the scheme website. Once the solicitor has successfully registered, they are able to submit the relevant documentation and make the application for the government bonus on behalf of their clients through the online portal.
Solicitors and conveyancers may charge the client up to £50 plus VAT to fulfil their role as part of the scheme.
HM Treasury has confirmed that, since 1 December 2015, over 200,000 first-time buyers have opened and begun to save in their Help to Buy ISA accounts. Those that have saved at least £1,600 have been able to claim the minimum bonus amount of £400 since 1 February.
The ISA account holder will need to close their account and obtain a Help to Buy: ISA closing letter that their solicitor can submit to the scheme administrator in order to claim the bonus.
HM Treasury have produced an infographic intended to assist conveyancing solicitors making claims.
- The launch date of the Help to Buy: ISA scheme was 1 December 2015.
- The last date for a Help to Buy: ISA holder to join the Help to Buy: ISA Scheme is 30 November 2019.
- Conveyancers can register for the scheme from January 2016.
- The first eligible bonus application can be paid after 1 February 2016.