Help to Buy
If using this scheme the Government will provide a 20% loan to the buyer. A buyer will only be required to provide a 5% deposit upon exchange of contracts. The Help to Buy charge will be registered as a second charge against the property and the buyer will be required to re-pay this just like a normal mortgage.
What we do at ORJ:
- Firstly we will receive the Authority to Proceed from Help to Buy this enables the Developer’s solicitor to issue contract papers to us.
- The Help to Buy Mortgage report is prepared for the Client and the Client will sign and return their Equity Charge to us.
- On receipt of the Mortgage Offer, a Solicitor Form 1 is submitted to Help to Buy with: a copy of the executed Equity Charge, Mortgage Offer and Valuation.
- Then we receive Authority to Exchange from Help to Buy, this will enable us to exchange contracts.
- Once Exchanged, we send Confirmation to Help to Buy that the matter has exchanged.
- A Solicitor Form 2 is submitted when a completion date has been agreed or when notice to complete has been served.
- On completion, the signed Equity Charge and AP1 is sent to Orbit.
- Once Registration formalities have been completed at HM Land Registry the completed Title Information Documentation is sent to Orbit.
- We will then await discharge from our Undertakings.