Many buyers will lose money and miss homes despite the Buying Assistance extension

'We still feel stuck'.  Veterinarian Alexandra Muresan (Daniel Lynch)

‘We still feel stuck’. Veterinarian Alexandra Muresan (Daniel Lynch)

Last week, Homes & Property reported that hundreds of Londoners who signed up for the Help to Buy loan program were at risk of losing ownership of their first home as they demanded that new construction be completed by 31 December, an administrative deadline.

However, the legal completion date is not until March 31 next year.

Following the publication of our article, the Department of Leveling, Housing and Communities agreed to extend the build deadline by one month.

“Supporting future hosts is a government priority. “We’ve extended the Help to Buy deadline to ensure people don’t lose their homes due to delays in completing,” a ministry spokesperson said.

Charlie Cook says he'll miss the deadline even with an extension (Daniel Lynch)

Charlie Cook says he’ll miss the deadline even with an extension (Daniel Lynch)

“Builders must ensure they complete construction work on all properties by January 31.”

To receive this extension, home builders will need to apply to Homes England by 20 December.

The extension will not help anyone at risk of missing the original creation deadline. Veterinarian Alexandra Muresan, 35, has been saving for 10 years to buy a three-bedroom house in Ebbsfleet.

“We hope Homes England will be a little more flexible with the new deadline as many of us may not be able to meet the new deadline, so we’re campaigning on that.

Charlie Cook is buying in Hornchurch and the new deadline isn’t enough for him either.

“I am very disappointed with the extension given by Lucy Frazer. [the minister of state at DLUHC]. I appreciate that something has been done, but this doesn’t really help many people in this situation.

“Legally it only takes 10 days to complete, so I don’t understand why they don’t give the developers more time. [the end of February or early March] To complete the building.”

Cook lives with his family and predicts that if he misses the Help to Buy loan, it will delay his ascent to the real estate ladder by two years.

“This is becoming a very stressful process, moving into your first home should be a good experience. My contractor told me they won’t be able to reach the new date of January 31, 2023 — so if there is no further extension, I will lose out on buying my first home.”

Homes & Property contacted DLUHC but did not receive a response.

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