We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First Time Buyer Scheme (FTBI) - Stuck - Unable to sell or rent!
Comments
-
tootsmyboots wrote: »ray123 - I've tried this too - the council will offer 6 months exemption - but after the 6 months you have to start paying again - I'm in the process of figuring out if I can say I'm occupying for 1 month then saying it's unoccupied - start the cycle again.
As far as I am aware you can only claim the exemption once in a twelve month period. However, many local authorities have different rules for the second six months.
I have never come across this before and can't see it making any sense, to be honest.We bought a property last year that we would not be living in straight away. On speaking to the council we found out that the rule for exemption is that it can be applied to a property for 6 months as a single period and only ONE time in the property's lifetime. So they had to check out house had never been exempt before under a previous owner. Luckily for us it hadn't. So unless the rules have changed then that plan wont work.
Hope you get some good advice on how to sell itThe greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
tootsmyboots wrote: »myredhotcar wrote: »ray123 - I've tried this too - the council will offer 6 months exemption - but after the 6 months you have to start paying again - I'm in the process of figuring out if I can say I'm occupying for 1 month then saying it's unoccupied - start the cycle again.
We bought a property last year that we would not be living in straight away. On speaking to the council we found out that the rule for exemption is that it can be applied to a property for 6 months as a single period and only ONE time in the property's lifetime. So they had to check out house had never been exempt before under a previous owner. Luckily for us it hadn't. So unless the rules have changed then that plan wont work.
Hope you get some good advice on how to sell it
I thought there would be something like that in place - although different councils do vary - I guess I can but try! Thanks for the advice!0 -
Can you not re mortgage it to get rid of the FTBI, then let it out.0
-
-
Is the LTV effecting the buy-out of the FTBI?myredhotcar wrote: »As the property is in negative equity I can't get a mortgage to cover the amount required to buy-out the FTBI. That was one of my original ideas.The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
I can't see how or why any first time buyer initiative should write off the negative equity you have built up. Are you sure about this? If so, I'm off to buy one!0
-
Is the LTV effecting the buy-out of the FTBI?
Yes. Essentially the value of the property is now just above the current mortgage balance. In order to buy-out the FTBI I would need over a 100% mortgage. And I'm also cautious about buying in to aproperty that has already lost so much money. Why put more in to something that isn't doing good?0 -
-
BadgerFace wrote: »I can't see how or why any first time buyer initiative should write off the negative equity you have built up. Are you sure about this? If so, I'm off to buy one!
myfirsthome.org.uk/content/1/25/repayments.html
See the section on repayment in a falling Market. Too good to be true. But it is!0 -
flyboy, that was 100% what we were told by Hambleton District Council (North Yorks). We also applied for exemption for my dad's empty house after he died so I have applied for it twice (on two different properties) and been told that was the rule. This was only last year, but like I say it may have been changed since.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards