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  • FIRST POST
    • spider1111
    • By spider1111 21st Sep 16, 12:20 PM
    • 7Posts
    • 0Thanks
    spider1111
    help to buy ISA
    • #1
    • 21st Sep 16, 12:20 PM
    help to buy ISA 21st Sep 16 at 12:20 PM
    Hi all,
    I have a question on the help to buy ISA. I have never had a mortgage and up until now I have just rented,so this would mean I qualify for this ISA. However, I recently inherited a house with my sister. 50/50. Does this mean I am no longer qualifying for this or does it go on if you have had a mortgage? I am keep on buying her out and keeping this house but getting the mortgage will be tight.

    Thanks for any help on this
Page 1
    • bowlhead99
    • By bowlhead99 21st Sep 16, 12:57 PM
    • 4,650 Posts
    • 8,176 Thanks
    bowlhead99
    • #2
    • 21st Sep 16, 12:57 PM
    • #2
    • 21st Sep 16, 12:57 PM
    If you own or have ever owned any property at home or abroad, you can't qualify for a HTB bonus.

    They are trying to help the people who want to get on the property ladder and have never been on it - not the people who are already on the property ladder and want to buy a bigger property, or who want to extend their ownership of an existing property, or the people who have been on the property ladder before and got off it for some reason.

    So you are out of luck. But fortunately you don't need £3k of free government handout money because unlike most first time buyer savers you already have thousands of pounds of equity in a property.
    • bigadaj
    • By bigadaj 21st Sep 16, 6:16 PM
    • 7,383 Posts
    • 4,419 Thanks
    bigadaj
    • #3
    • 21st Sep 16, 6:16 PM
    • #3
    • 21st Sep 16, 6:16 PM
    If you own or have ever owned any property at home or abroad, you can't qualify for a HTB bonus.

    They are trying to help the people who want to get on the property ladder and have never been on it - not the people who are already on the property ladder and want to buy a bigger property, or who want to extend their ownership of an existing property, or the people who have been on the property ladder before and got off it for some reason.

    So you are out of luck. But fortunately you don't need £3k of free government handout money because unlike most first time buyer savers you already have thousands of pounds of equity in a property.
    Originally posted by bowlhead99
    How would it be determined if someone had previously owned a property outside the uk?
    • badger09
    • By badger09 22nd Sep 16, 12:44 PM
    • 4,100 Posts
    • 3,333 Thanks
    badger09
    • #4
    • 22nd Sep 16, 12:44 PM
    • #4
    • 22nd Sep 16, 12:44 PM
    How would it be determined if someone had previously owned a property outside the uk?
    Originally posted by bigadaj
    The 'First Time Buyer Declaration' asks the applicant to confirm that they haven't. Signing the Declaration if they had previously owned property outside UK would constitute application fraud.

    Obviously, HMRC doesn't check every application, but does have many sources of information
    • bigadaj
    • By bigadaj 22nd Sep 16, 6:53 PM
    • 7,383 Posts
    • 4,419 Thanks
    bigadaj
    • #5
    • 22nd Sep 16, 6:53 PM
    • #5
    • 22nd Sep 16, 6:53 PM
    The 'First Time Buyer Declaration' asks the applicant to confirm that they haven't. Signing the Declaration if they had previously owned property outside UK would constitute application fraud.

    Obviously, HMRC doesn't check every application, but does have many sources of information
    Originally posted by badger09
    So they can't.
    • MARTYM8`
    • By MARTYM8` 22nd Sep 16, 7:39 PM
    • 1,170 Posts
    • 826 Thanks
    MARTYM8`
    • #6
    • 22nd Sep 16, 7:39 PM
    • #6
    • 22nd Sep 16, 7:39 PM
    How would it be determined if someone had previously owned a property outside the uk?
    Originally posted by bigadaj
    They wont check and probably won't have the ability to check anyway - and are relying on people's honesty on this point as you have to sign an official declaration.

    Compared to the money laundering going in in relation to central London property purchases by overseas nationals - this is rather small beer. And the stamp duty to pay will often be more than the bonus. It probably won't be a priority area for HMRC - as the government will make a profit overall.
    • grey gym sock
    • By grey gym sock 23rd Sep 16, 10:01 AM
    • 3,754 Posts
    • 3,150 Thanks
    grey gym sock
    • #7
    • 23rd Sep 16, 10:01 AM
    • #7
    • 23rd Sep 16, 10:01 AM
    Compared to the money laundering going in in relation to central London property purchases by overseas nationals - this is rather small beer.
    Originally posted by MARTYM8`
    ignoring the big offenders, and going after the little people instead, sounds like typical HMRC behaviour to me.
    • Malthusian
    • By Malthusian 23rd Sep 16, 10:20 AM
    • 953 Posts
    • 1,279 Thanks
    Malthusian
    • #8
    • 23rd Sep 16, 10:20 AM
    • #8
    • 23rd Sep 16, 10:20 AM
    Agree with Grey Gym Sock. It would take five seconds on reading your social media posts to catch you out and get a salutary object lesson into the Daily Mail.
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