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Am I already a 'home owner'?

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Miranda77
Miranda77 Posts: 1 Newbie
in House buying, renting & selling
This might sound like a stupid question but, 15 years ago, my parents bought a holiday cottage and put the deeds in mine and my siblings' names, to avoid inheritance tax. But we've never had anything to do with the cottage, never seen any documents, make no decisions or financial inputs to upkeep etc. It's ours purely in name

Now I'm about to apply for a share ownership property and I'm wondering if this will preclude me from being eligible.

Any help would be much appreciated.

Many thanks
M

Comments

  • Richey_
    Richey_ Posts: 334 Forumite
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    How old were you at the time?

    Under 18’s cannot own property, but they could have set it up as a trust fund
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    First Anniversary Name Dropper First Post
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    If you are registered as the part-owner at the Land Registry ("deeds" died out many years ago), then you are a part-owner of a house. There is no "purely in name".

    If the shared-ownership scheme prohibits people who already (part-)own property, then - yes - you are barred.
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    edited 13 December 2017 at 9:51PM
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    Reminds me of another similar thread recently.

    Funny how these dodges come back to bite! Your parents used you (your name) as a way to avoid tax. Now you will lose out on a benefit you could otherwise have received.


    http://forums.moneysavingexpert.com/showthread.php?p=73551320#post73551320
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
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    G_M wrote: »
    Funny how these dodges come back to bite! Your parents used you (your name) as a way to avoid tax. Now you will lose out on a benefit you could otherwise have received.

    Especially when the people usually making these decisions (the parents) are not the ones who will ever have to pay IHT on these assets!
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