There is some good news for those keen to use the government’s existing Help to Buy Scheme which is due to be replaced by a more restrictive scheme in April 2021.
The current scheme, which ends on 31 March next year, has been very popular with buyer’s of new homes. However, with the impact of Covid on the building industry, housebuilders have been concerned that delays in bringing developments to practical completion before the end of the scheme would have a detrimental impact on sales.
Whilst the 31 March 2021 remains the deadline for legal completion of sales, the government has extended the deadline for practical completion of building works from the end of this year until 28 February 2021.
The Help to Buy and Right to Buy schemes have been very popular with people needing to bridge the gap between available mortgages and purchase price. With high Loan to Value ratios now harder to come by, the government-funded assistance has enabled approximately 640,000 people to buy homes over the last decade.
In addition, the government has announced that there will be a further safety net for buyers who’ve experienced severe delays as a result of Covid. Where buyers had a reservation in place with a builder before 30. June, Homes England will “assess their situation and look to provide an extension where necessary”. This might mean that buyers would have until May 31 to legally complete.
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