How long to close down a Help to Buy ISA account?

[Booyou123]

Our sale is being hugely delayed because of this.

We were ready to complete in December and it looks like we are going into Feb now. Buyers put their offer in September 2023.

How long does it take to receive the closing statement?

Can the solicitor draw down the funds for the bonus from the ISA alongside the funds for the mortgage?

Thanks

From memory I dont believe their fee can come out of the HTB ISA. I think their fee has to be paid separately.

so everything from HTB ISA needs to be the deposit (I believe).

@Wigtopia thanks.

do you know how long the whole process takes? I’ve been told 5 days but from what I am reading online it’s much longer.

@Booyou123 I ended up going into my bank and they closed it for me and I got a print out confirmation on the spot. I can’t remember if I had to also wait for something in the post as it seems like a long time ago now. Have you and others in your chain agreed an exchange and completion date yet? It would be unusual for this to be the thing holding it up, so I am wondering if the exchange and completion dates have been agreed yet?

@Wigtopia so I’ve been told the buyers are waiting for a letter/closing statement in the post. I have told the estate to agent to tell the buyers this to speed things along - but we have an inexperienced estate agent, absolutely horrific buyers solicitor and the buyers are very naive for ftb. It’s an absolute nightmare, and beyond stressful.

if it was me, I would go into the bank and just ask them to print out the closing statement/letter.

And no dates yet. I could literally go mad.

@Booyou123 eugh! You poor thing! Sounds rubbish! The solicitors are the ones that agree the dates. We had a situation where someone else in the chain had a slow solicitor who didn’t pass on messages ours was sending across. So for example, we gave our preferred dates for exchange and completion, our solicitor passed them to the solicitor of the person we were buying from, but the person we were buying from had no clue as his solicitor didn’t tell him!

in the end we contacted him directly and asked do X dates work and he then agreed and gave his solicitor a kick up the bum!!! Of course, not east to do if you don’t have the direct contact details of people in your chain but maybe an idea if you do. Good luck!