For home buyers on the south coast, one of the key steps they need to take is to find a firm of conveyancing solicitors in Portsmouth. While there are many cut-priced internet options available, for those taking the huge step of buying a home, maybe for the first time, having an experienced and steady hand to guide them through the process is of great benefit.
Conveyancing solicitors in Portsmouth aren’t just there to complete the paperwork in a machine-like way. They can be a human face on the legal contract and a much-needed source of information. Firms in the town, such as Andrew & Andrew, have a range of useful resources for home buyers.
One thing a firm of conveyancing solicitors in Portsmouth can provide information on is the government’s Help to Buy schemes. There are two aspects to Help to Buy: the ISA and the equity loan.
Help to Buy ISA
This is for first-time buyers only. If they deposit £1,600 or more in a Help to Buy ISA, when it comes time to complete the purchase of their home, the government will top up the amount in the ISA: £50 for every £200 saved. To qualify, the buyer must be over 16 and a UK resident.
The great thing about this for two people buying a home is that each of them can have their own ISA, as long as they are both first-time buyers. The minimum savings to qualify for the government top-up is £1,600, the maximum is £12,000.
This is for homes with a value of £250,000 or less, or £450,000 or less in London, bought with a mortgage, that will be lived in by those making the purchase. So, it’s not available for buy to let, but can be used towards a shared ownership property.
Help to Buy equity loan
This is for all home buyers who are looking at new build houses. The government can lend up to 20% of the cost of the home, meaning that buyers can get on the property ladder with a small deposit and still be an acceptable risk to a mortgage provider. The government doesn’t charge any fees for the first five years of the loan term.