Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Help for First-Time Buyers
The Scottish Government intends to change the Help to Buy (Scotland) scheme in order to support more people in achieving their ambition of getting onto or moving up the property ladder.
This change means that as of 22nd October, the shared equity scheme will only apply to homes worth up to £250,000, rather than the current maximum of £400,000. The Government says that this will ensure that more people can benefit from available funding and help to target funding at lower income families and first-time buyers.
With 85% of all Help to Buy (Scotland) sales to date already at or below this new threshold, and an estimated 94% of sales having been to first-time buyers, most new build houses will not be affected by the changes.
Since the launch of Help to Buy (Scotland) in September 2013, more than 3,000 homes have been purchased, with an additional 1,500 expected to be completed by the end of this financial year.
Demand for the scheme has been high, with Ministers allocating £275 million to the scheme to date, which is £55 million more than the industry’s original £220 million request. £100 million of that funding has been allocated to the 2015-16 budget.
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