On 14 December 2022 Homes England provided updated guidance on its enforcement of the upcoming 31 December 2022 “First Completion Date” for practical completion of Help to Buy funded units (see here).
Homes England now states that it will NOT “enforce the First Longstop Date of 31 December 2022 for properties where:
- a homebuilder notifies us (in writing, by completing the Practical Completion Notification Form) that it is unlikely to reach Practical Completion by 31 December 2022; but will reach Practical Completion on or before 31 January 2023; and
- Practical Completion takes place on or before 31 January 2023.
This is available for homebuilders with homebuyers with Authority to Proceed (ATP) or Authority to Exchange (ATE) in progress. Homebuilders must notify Homes England before 20 December 2022.
Homebuilders with an Authority to Proceed (ATP) and Authority to Exchange (ATE) will receive an online form by email. You will need to complete the Practical Completion Notification Form by 11:59pm on 20 December 2022, confirming which dwellings are unlikely to reach Practical Completion by 31 December 2022; but will reach Practical Completion on or before 31 January 2023.
Along with notifying Homes England, you must reach Practical Completion on or before 31 January 2023 to be eligible for Help to Buy.”
For more information, please contact Dominic Bauers or Stavrina Tofallis.
