What defines a First Time Buyer

tootsmyboots

shane42 wrote: »

ftb= name not on land registry

not on it ever, or not at the moment? That's my confusion.

Anyway, I was expecting to pay it anyway, it'd just be a nice bonus if we dont have to. It'd pay for the painting and decorating!

Cannon_Fodder

http://www.hmrc.gov.uk/budget2010/sdlt.htm

http://www.hmrc.gov.uk/budget2010/sdlt-qa-tech-1545.pdf

poppysarah

Estate_Agent wrote: »

In regards to knowing if a buyer owns another property, a simple credit search will bring up details of any credit. I believe these days they are broken down into credit cards, loans and mortgages etc. As long as someone hasn't cleared a mortgage, this would work and could be done relatively easily by the solicitors.

So someone who owns two houses but has never had a mortgage would be a FTB?

poppysarah

Cannon_Fodder wrote: »

http://www.hmrc.gov.uk/budget2010/sdlt.htm

http://www.hmrc.gov.uk/budget2010/sdlt-qa-tech-1545.pdf

First one says:
has or have not previously purchased such an interest or its equivalent anywhere in the world and

?
Don't get what that means...

Snippa

I would class first time buyers as just that: people who have never bought or owned a property before.

That would be my definition. But it would be very difficult to know, surely? I owned a flat between 2000 and 2004, but then didn’t own again until 2010, and then in a different city. So technically I wasn’t an FTBer in 2010. But how on earth would they know? My name might appear on the historical records, but a name is not unique, and the land registry doesn’t hold other details (I don’t think) such as NI number, birth date etc. The address is obviously different. I guess it might come up on the credit check that I’d once had a mortgage, but even with credit checks, I’m not sure how they know for sure you’re the same person – you have to give all addresses for 5 years for a credit check, so presumably the records are different?

Seems like another government idea briefed on the back of an envelope, rather than fully thought through

jrr3

My gf currently counts as a first time buyer as never having owned anything before but i currently own my own property.
If we were to apply for a joint mortgage would we count as first time buyers?

puddy

for the stamp duty holiday its someone who hasnt owned ever

but i'd like to know how they would ever find out if you've owned elsewhere in the world!

bap98189

jrr3 wrote: »

My gf currently counts as a first time buyer as never having owned anything before but i currently own my own property.
If we were to apply for a joint mortgage would we count as first time buyers?

Probably not, but if you bought the house in your name only, it presumably would.

Cannon_Fodder

poppysarah wrote: »

First one says:
has or have not previously purchased such an interest or its equivalent anywhere in the world and

?
Don't get what that means...

You have to read all the sentences together, note the "AND" after each. All the criteria apply. Including;

"an individual or individuals jointly purchase a major interest in land which is wholly residential, and"

So, the "has and have not" could perhaps have better been written as "has not or have not" - they are covering the single/joint element of the language with "has/have".

Old_Wrinkly

Yes. But as jenner indicates it is the "anywhere in the world" bit that jumps out at you.

Either they intend to extend the Land Registry's scope quite dramatically, or Snippa's last line is appropriate.