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  • FIRST POST
    • Drosophila
    • By Drosophila 8th Jan 18, 10:29 PM
    • 3Posts
    • 0Thanks
    Drosophila
    FTB and inherited house
    • #1
    • 8th Jan 18, 10:29 PM
    FTB and inherited house 8th Jan 18 at 10:29 PM
    Hi Guys,
    quick question to be sure of what I am doing.

    I am buying my first property in Uk and at the present I believe I can not qualify as FTB. This because I had gained a 1/4 share of an house after my dad passed away in april 2016. My question is: my mum is still living in this house in Italy and I have not major interest on it at the present. Indeed, I can not do anything about it since she have the 3/4 of the share. She is living there and I don't care about it because my life is here in UK. In light of this, I am not a FTB, am I right? I

    Second question...I was reading somewhere that you can still be a FTB if the share is less than 33% and the value of you share is 40000. Is it true? . Where is this amount come from? Would it be related to the total value of the house if it would be sold?

    Appreciate any comment or help,
    Ciao
Page 1
    • G_M
    • By G_M 8th Jan 18, 11:17 PM
    • 42,797 Posts
    • 50,032 Thanks
    G_M
    • #2
    • 8th Jan 18, 11:17 PM
    • #2
    • 8th Jan 18, 11:17 PM
    The term 'FTB' has diffenet meanings in different contexts. Are you thinking of

    * eligibility for a FTB mortgage?
    * a FTB ISA?
    * a shared-ownership scheme?
    * SDLT?

    All have differing rules.
    • getmore4less
    • By getmore4less 9th Jan 18, 5:08 AM
    • 31,168 Posts
    • 18,681 Thanks
    getmore4less
    • #3
    • 9th Jan 18, 5:08 AM
    • #3
    • 9th Jan 18, 5:08 AM
    Do you really own a 1/4 or is there a trust in place.
    Eg. does mother has a life interest.
    • Drosophila
    • By Drosophila 9th Jan 18, 11:02 AM
    • 3 Posts
    • 0 Thanks
    Drosophila
    • #4
    • 9th Jan 18, 11:02 AM
    • #4
    • 9th Jan 18, 11:02 AM
    My question is in relation to the sdlt
    • Drosophila
    • By Drosophila 9th Jan 18, 11:06 AM
    • 3 Posts
    • 0 Thanks
    Drosophila
    • #5
    • 9th Jan 18, 11:06 AM
    • #5
    • 9th Jan 18, 11:06 AM
    My dad passed away and because I am the only child, I went straight into the share and succession. I am not sure what "a life interest" means. She has the right to live there and she owns 3/4 of it. As I mentioned I am confused if I am a FTB for the stamp duty matter
    • Pixie5740
    • By Pixie5740 9th Jan 18, 11:13 AM
    • 11,376 Posts
    • 16,005 Thanks
    Pixie5740
    • #6
    • 9th Jan 18, 11:13 AM
    • #6
    • 9th Jan 18, 11:13 AM
    Guidance Note - SDLT: Relief for FTB
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • davidmcn
    • By davidmcn 9th Jan 18, 11:15 AM
    • 6,546 Posts
    • 6,453 Thanks
    davidmcn
    • #7
    • 9th Jan 18, 11:15 AM
    • #7
    • 9th Jan 18, 11:15 AM
    If it's the case that you simply own a quarter share of the Italian property then no, you're no longer a FTB for SDLT purposes.
    • SDLT Geek
    • By SDLT Geek 9th Jan 18, 9:39 PM
    • 80 Posts
    • 55 Thanks
    SDLT Geek
    • #8
    • 9th Jan 18, 9:39 PM
    • #8
    • 9th Jan 18, 9:39 PM
    Is there something called a usufruct in Italian law? Does your mother have one? If so and it means you are not legally entitled to any benefit during her lifetime then you should not be treated as having a “major interest” in the property.

    But if you just have a 1/4 share then you have acquired a major interest in a dwelling and are not a first time buyer for SDLT purposes.
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