What defines a First Time Buyer

gmang

It's quite simple really. Just ask yourself:

Have I (or anyone else on the mortgage application) ever owned a residential property before?

If the answer to this is yes then you are not a FTB!

Simples!

sarah_elton

Except that the Land Registry counts you as a FTB if you haven't owned in six months. Therefore, for the house we are buying the Land Registry stats will count us as a FTB and we'll be included in the X FTBs Darling claims to have helped come the end of the year. But we'll be paying the tax.

Noisyfrogs

HMRC deff:

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.

To sum up. If you or any co-borrower have EVER owned a property or land you are NOT a FTB and are liable to stamp duty.