Help To Buy Checklist

Everything you need to consider to get yourself prepared for using the Help To Buy Scheme


Help To Buy Checklist

Find out which developers are offering the Help to Buy Scheme in your local area.

You need to make sure you have a minimum of 5% deposit available. For example, if the property is being sold for £400,000, you will need £20,000, plus your buying and moving costs.

  • Speak to a financial advisor and make sure you have a mortgage offer from a bank or building society. You don’t have to have this before you start your search, but it really helps to speed things up if you do and will make you an attractive buyer to the developers who like to move quickly. Find a great estate agent like James Pendleton with expert knowledge of the area you are looking to buy in.
  • Make sure you view lots of properties and developments. Different developers have different styles of design and build. By providing feedback to your James Pendleton sales consultant about what you need and like the most they will be able to help steer you to the right developments.
  • Know your price range. Remember you need to have a 5% deposit.
  • Make an offer to the developer, and remember you don’t have to offer the asking price. You can try to negotiate the price down
  • Have funds available to reserve the property. The developer will reserve the apartment for you usually for £500, so be ready to transfer the cash to make sure nobody can steal it from under your nose.
  • Inform your mortgage provider or independent financial advisor. Your application will be made which the mortgage lender and legal company will handle for you.
  • Complete the Help to Buy Property Information Form. The developer will provide this to you.
  • Confirm that your nice new apartment will be your only residence. You will not be allowed to sub-let a property that you buy on the Help to buy scheme.
  • Receive the Authority to Proceed notice from the HomeBuy agent (through James Pendleton or the developer) along with instructions for your legal company.
  • Exchange contracts, you will need to have your deposit ready. When all the finances and legal paperwork have been completed, you will be ready to exchange contracts. A lot of developers will have their own conveyancing solicitors that will be preferred by the developers. These teams will typically be faster at getting everything ready but you can use your own team.
  • Once contracts have been exchanged, you can organise your moving day, typically on the day of completion.
  • On completion, your legal company and lender will organise for the developer to be paid for the property.

More on Help to Buy

Getting Started On Help-To-Buy

The London Help To Buy scheme is a great way to help first-time buyers looking to get their foot on...

View guide
London Help To Buy Scheme

London house prices are higher than average UK house prices which can make it difficult for first-time buyers in the...

View guide
Should I Buy A New House Or An Old House?

We will help you draw out the pros and cons of buying new homes, off-plan properties and old properties.

View guide