Definition of a first time buyer...

princeofpounds

It is totally dependent on the scheme. Originally most schemes were for 'genuine' FTBs only. Now most are much wider to include anyone who doesn't have a current interest in a property, because it turned out before the crisis that most genuine FTBs couldn't afford many of the properties even on a shared equity basis, and when they could it was mostly because a richer partner was the one financing the transactions!

There is no standardised definition of an FTB.

swiss721

Blacksheep1979 wrote: »

Sorry but are you stupid? First time means, well, the first time - not second or twenty second, irrelevant of your situation if you've owned a house before you're not a first time buyer.

rude and wrong! lol what a donut!

kiki*_2

If it helps, when I went for my mortgage FTB, they asked if I had ever owned a property or part of a property before. So you may get on the scheme but wouldn't be able to have a FTB mortgage.

Personally as a real FTB I think it's a bit unfair that people who have owned before are allowed to be classed as a FTB as your clearly not one!

lazer

kiki* wrote: »

If it helps, when I went for my mortgage FTB, they asked if I had ever owned a property or part of a property before. So you may get on the scheme but wouldn't be able to have a FTB mortgage.

Personally as a real FTB I think it's a bit unfair that people who have owned before are allowed to be classed as a FTB as your clearly not one!

Agreed - you should not be a FTB, unless ou have never bought before, should be simple!

Jeffrey_Shaw

NB: the 'FTB' definition for SDLT purposes is statutory. The mortgagee's definition isn't.

Jeffrey_Shaw

Read this extract from the HMRC website at http://www.hmrc.gov.uk/sdlt/calculate/reliefs-exemptions.htm#15

SDLT relief for first-time buyers

First-time buyers of residential property can apply for SDLT relief if all of the following apply:
-the effective date is on or after 25 March 2010 and before 25 March 2012
-the consideration given is £250,000 or less
-the buyer intends to live in the property and it will be their only or main home
-they have not previously owned property or land either in the UK or anywhere else in the world - including property bought with anyone else
This means that from 25 March 2010 to 24 March 2012 inclusive the threshold for qualifying first-time buyers of residential property is £250,000.

Financial institutions can claim the SDLT relief for first-time buyers using alternative finance schemes.
To claim this relief you'll need to enter relief code 32 in the SDLT return.

When first-time buyer's relief does not apply

The relief is not available for any of the following:
-non-residential or mixed use property
-leasehold property with a lease of less than 21 years
-SDLT payable on rent for leasehold properties (relief applies only to the premium)
-properties that are treated as linked transactions for SDLT purpose - unless it's to do with the same property, eg a separate lease on a garage
-shared ownership schemes where the payment is made in stages (but the relief can be claimed if a market value election is made)
-one of the buyers is a first-time buyer but someone buying the property with them has owned residential property before