If you are getting ready to buy your first home through the help to buy scheme (HTB), you may find yourself slightly concerned with the rules of conveyancing. Is it a more complex process? Will it cause any delays? Don’t worry, though you may find yourself unfamiliar with the process and paperwork, things can be made simple with the help of a solicitor. They are there to ensure you meet the 28-day exchange deadline that your developer will have imposed.

So what exactly can you expect?

Once you have fallen in love with the perfect home and reserved it with the developer, you can start the HTB application. This will be done by completing a ‘property information form’. You should expect to be asked simple questions about the property and your income. You should have this particular information to hand as you will need it for the application for your mortgage. From this point, you should be seeking guidance from a financial adviser. It will also be the time to pass on instructions to your solicitor.

Once you’ve submitted the application

Once the application has been submitted and approved, your HTB solicitor will issue the ‘authority to proceed’ pack to you, your solicitor and your developer. From here, your solicitor should be able to take care of the process on your behalf.

The solicitor will be asked to complete some additional paperwork on your behalf. This paperwork will then be submitted with a copy of the offer of your mortgage, a valuation for, as well as a form that your developer will have passed on disclosing any incentives.

If the HTB agent is happy with all the paperwork, the solicitor will then receive ‘authority to exchange’. This means that the HTB funding is all in place and the solicitor can safely proceed with the exchange. The exchange is the legally binding bit, so you can relax knowing everything is moving along smoothly!

When will you get your key?

The time it takes for you to receive your key will depend on how quickly the developer can complete the build. This could be a quick process, or you may have to wait a while. Once the property is ready, your developer will inform your solicitor. Your solicitor will then request that the equity loan is released. This loan will be sent straight from the HTB agent to the developer, ensuring an efficient process.

Find the right solicitor to help with the conveyancing process

As we first mentioned, this can seem like a complicated process, but the important thing you must remember is that having the right solicitor can make things much easier. At Betesh Middleton Law, we are here to make sure you move into your dream home as quickly and as smoothly as possible. If you would like to learn more about our services, get in touch.