Builders solicitor contacted us to request the full (10%) deposit on the agreed price despite qualifying for the HTB scheme and informing them of this fact prior to placing the booking deposit on the property. The quid pro quo here is that we will recover the HTB amount when we draw down the mortgage on completion of the build I.e. recover the amount from the mortgage funds. Our build is expected to be completed in about 6 weeks. Not ideal from a Cashflow point of view in addition to defeating the entire purpose of the scheme. (Apparently the Builder can only draw down the money from revenue on completion of the property and sign over to the purchaser).
Thoughts?
Thoughts?