A GUIDE TO THE HELP TO BUY SCHEME
The Help to Buy scheme is designed to assist first-time property buyers with the deposit needed to buy a new property. The property must be lived in as your home, you will be able to rent out a room in the property but not the entirety of the property. The scheme is designed to give First Time Buyers a refund of Income Tax that you paid in Ireland for the four years prior to making the application. Currently amount is available up to a maximum of €30,000. Majella Walsh Solicitors have extensive experience in guiding First Time Buyers through the Help to Buy scheme.
Majella Walsh solicitors can be contacted on 021 4757477 or via email info@majellawalshsolicitors.ie for further advice and support in purchasing your first home.
If you are buying or building the new property with other people, they must also be first-time buyers. The contractor you are purchasing your home from must be approved by Revenue. The Revenue Commissioners have a list of pre-approved developers and contractors so that you can check to see if your contractor is on that list.
The loan you use to purchase the property must be at least 70% of the purchase value of the property.
The Help to Buy Deposit is paid directly to the contractor. It is important to get confirmation of receipt of the HTB deposit in writing as your bank may need evidence of this before releasing loan monies. Majella Walsh Solicitors are expert conveyancing solicitors are will be able to advise you at every stage of your application for the Help to Buy deposit scheme.
Once your application is approved you will be provided with an application number and a summary of the maximum amount you can claim. You will also be given a 6 digit access code. It is important to remember that your application will expire on 31 December. You can then re-apply and make a new HTB application at the beginning of the following year.
You apply for the Help to Buy Deposit once you have received contracts signed by all parties to the transaction. Majella Walsh Solicitors can assist you in completing your Help to Buy application. Contact us on 021 4757477 or via email info@majellawalshsolicitors.ie
Once you have submitted your claim you will provide your solicitor with the following;
• Application Code
• Access Code
• Claim Code
• Confirmation of exact amount of Help to Buy deposit.
Majella Walsh Solicitors have dealt with a vast variety of property transactions and are the experts to guide First Time Buyers through the purchase of their first home. Contact us on 021 4757477 or via email info@majellawalshsolicitors.ie for a confidential chat.