Help to Buy Schemes 2013: A Conveyancer’s Guide (+Special Webinar Offer!)

by PropertyBlawg on June 27, 2013

  • Sumo

The New Help to Buy Scheme

Earlier this year, the Government-backed ‘Help to Buy’ initiative was implemented amidst much commentary and some concern – but whilst it has its critics, the scheme has already had an average of about 500 people per week reserving homes. First-time buyers are having more difficulty than ever getting onto the property ladder, and this support from the Government could be a means to helping to revive the housing market.

How the scheme works

The scheme is applicable to new-build homes priced under £600,000: the buyer contributes a deposit of 5%, with an additional 20% contributed by the Government, and the loan is interest-free for the first five years.

Potential Problems

This new option is clearly an attractive one for many, including existing homeowners, but it has already drawn its fair share of criticism. Detractors worry that the scheme carries a risk of potentially driving up house prices in the event of supply not meeting with the increased demand, although it is too early to tell if this is in fact the case.

Get up to date

MBL’s webinar offers practical guidance on the issues that often need to be addressed by conveyancers acting for clients under this scheme, for example:

·         The implications of the equity loan

·         The buyer’s obligations

·         Differences in procedure for first time buyers and existing home owners

This must-see one hour update is currently available for Blawg fans at the exclusive rate of just £91+VAT for unlimited group viewing.

To register, tweet ‘blawg’ to @mbl_seminars or email also quoting ‘blawg’



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