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what is a first time buyer?

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Wig
Wig Posts: 14,139 Forumite
in House buying, renting & selling
How do THEY know if you are a first time buyer? What is the definition?
What about someone who owned a house 10 years ago but not since then?
What about a FTB who buys jointly with someone who has another home?
If you lied how would they know?
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Comments

  • Doozergirl
    Doozergirl Posts: 34,075 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It's like a tax return - it is a tax return. You lie at your own peril.


    If you buy with someone that owns/has owned, you have to pay the SDLT.
    Everything that is supposed to be in heaven is already here on earth.
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Look up www.hmrc.gov.uk relating to stamp duty for first time buyers, and ask yourself "Do I really want to LIE to the Taxman?"
  • Wig
    Wig Posts: 14,139 Forumite
    What is the definition?
    What about someone who owned a house 10 years ago but not since then?
  • p00hsticks
    p00hsticks Posts: 14,433 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Wig wrote: »
    What is the definition?
    What about someone who owned a house 10 years ago but not since then?

    if you are referring to the definition in relation to the stamp duty exclusion, then a first time buyer is someone who has never owned a property.

    http://news.bbc.co.uk/1/hi/business/8585903.stm
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Wig wrote: »
    What is the definition?
    What about someone who owned a house 10 years ago but not since then?

    The taxman's definition for Stamp Duty purposes is at www.hmrc.gov.uk - it shouldn't take too much searching, and someone quoted it here in one of the Stamp Duty threads shortly after the budget announcement.....
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 30 April 2010 at 12:37AM
    Wig wrote: »
    How do THEY know if you are a first time buyer? What is the definition?
    What about someone who owned a house 10 years ago but not since then?
    What about a FTB who buys jointly with someone who has another home?
    If you lied how would they know?

    It depends who you mean by 'THEY'.

    HMRC definition for stamp Duty is here.

    It is not the same definition as used by most mortgage lenders when offering mortgage products to FTBs - usually THEIR definition is someone who CURRENTLY owns no property. Sometimes even someone who currently has no MORTGAGE on a property.

    This is different again from MY definition.

    ps - how will they know if you lie? Well if a previous property was registered it is easy to search and cross-refence owners. HMRC use the rLand registry to find landlords who don't declare income tax or who avoid capital gains tax; they'll do the same with stamp duty.
  • Trumpeter
    Trumpeter Posts: 112 Forumite
    Wig wrote: »
    What is the definition?
    What about someone who owned a house 10 years ago but not since then?
    What about someone who had sex 10 years ago but not since then? Does that make them a virgin again?? Doh!!
  • Sammy85_2
    Sammy85_2 Posts: 1,741 Forumite
    Trumpeter wrote: »
    What about someone who had sex 10 years ago but not since then? Does that make them a virgin again?? Doh!!


    Oh dear :rotfl:
    :jProud mummy to a beautiful baby girl born 22/12/11 :j
  • bryanb
    bryanb Posts: 5,029 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    What about someone who has inherited a home, but never bought one?
    This is an open forum, anyone can post and I just did !
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    The definition varies from lender to lender.
This discussion has been closed.
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