Section 4 – Reservations

New homes are being built all the time and some people may reserve a development in advance of completion.

Some will, understandably, worry about the house being ready on time and the government advice that buyers should contact the house builders directly.

Some are continuing to work and others have stopped for safety reasons so there will be different approaches in how to handle it.

Another question detailed is: “I’ve reserved a home and have the go-ahead for a Help to Buy: Equity Loan, but I’ve lost my job due to the lockdown. Can I pull out of the deal?”

This is an unfortunate reality of the current climate and the government states that housebuilders will again have different ways of approaching this. They advise buyers to contact the builders to discuss next steps.

Section 5 – Completions

Simply getting over the line will feel like an absurd challenge at the moment.

Thankfully, both the government and the industry recognise the exceptional circumstances.

The page reassures buyers that they can ask their help to buy agent to extend an authority to proceed if more time is needed or an equity loan has expired.

On top of this, they explain that mortgage lenders are working to find ways to extend their mortgage offer by up to three months to help customers who’ve exchanged contracts to move later if necessary.

If contracts have been exchanged, the state highlights that the solicitor involved will need to request a confirmation to developer form from a help to buy agent.

A completion can’t take place without this.