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Am I a first time buyer?
Jasminka
Posts: 1 Newbie
Hello, I am really confused with the definition of a first time buyer.
I have never bought a property but my parents gifted one of their flats in Poland to me around 12 years ago (to avoid inheritance tax in the future).
I have permanently lived in uk for the last 11 years.
My parents both live in Poland and they are paying off mortgage for the mentioned flat while also letting it out.
Since I never bought a property - am I a first time buyer?
Thanks
I have never bought a property but my parents gifted one of their flats in Poland to me around 12 years ago (to avoid inheritance tax in the future).
I have permanently lived in uk for the last 11 years.
My parents both live in Poland and they are paying off mortgage for the mentioned flat while also letting it out.
Since I never bought a property - am I a first time buyer?
Thanks
0
Comments
-
The first time buyer declaration from HM Treasury defines a first time buyer as someone who doesn't own or hasn't owned any interest in land whether in the UK or elsewhere.
https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf0 -
A first time buyer for what purposes? There isn't a universal definition.
If your Polish flat is worth more than £40,000 then you'll be liable for the higher rate of SDLT/LBTT when you buy in the UK on the basis it will be your second property.0 -
To some degree it depends why you want to know. As above by that criteria for HTB you are not, however for mortgage purposes (special deal for first time buyer etc. ) you probably are.It may sometimes seem like I can't spell, I can, I just can't type0
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