How it Works
Conveyancers and solicitors will apply for the government bonus on behalf of their clients.
You will need to register your Conveyancing firm on the Help to Buy: ISA Conveyancer Portal before you can apply for a bonus on behalf of your client. You will need to agree to comply with the Help to Buy: ISA scheme rules and the conveyancer guidelines, through the conveyancer adherence agreement. If you are a member of Lender Exchange, this will be used to assure your identity. If you do not have a Lender Exchange account, you can still claim bonuses on behalf of your client, but additional assurance steps will delay bonus payments by up to 15 business days.
Apply for bonus
It is recommended that you begin your bonus application approximately three weeks before expected completion. This will allow sufficient time for your client to close their Help to Buy: ISA, receive their closing letter from their ISA manager, and for the scheme administrator to transfer funds.
To complete the bonus request, you will need:
Help to Buy: ISA closing letter: this will include details of your client and their Help to Buy: ISA, including their closing balance and account number.
First-time buyer declaration: your client will need to sign a first time buyer declaration, confirming that they do not own, and have never owned any interest in land anywhere in the world.
Confirmation of property eligibility: you will have to confirm that the property which your client is purchasing costs up to £450,000 inside London, or up to £250,000 elsewhere in the UK. It must be purchased as the only residence of your client, and must be bought with a residential mortgage. Full property eligibility criteria can be found within the scheme rules.
You can enter these details and submit scanned copies of supporting documents via the online portal.
It is important that you do not make this request until you are confident that the purchase is about to complete. If funds are not used within three months of their payment into your account, they must be returned to the administrator (UKARcs).
You can charge your client up to £50 + VAT for processing their bonus application.
Once you have submitted these relevant details via the online form, you will receive a unique bonus order number. If you are registered with the Help to Buy: ISA scheme, you should receive confirmation of approval and payment within 5 business days. If not, it may take up to 15 business days.