First Time Buyer, but name on deeds previously

crazytiger

So I'm a bit confused with this one, and I have found articles online that give very different answers.

Basically I consider myself a first time buyer - however several years ago myself and my siblings were put onto the deeds of a property my parents owned and were renting out. I was on the deeds for maybe a year or so, until they took everyone off, and then subsequently sold the property.

I didn't benefit from this arrangement, and I didn't consider myself as owning a property, but obviously it appears that I may have?

Anyone out there who can advise, or offer suggestions about who I could ask to get a definite answer. I don't want to open a Help to Buy ISA/Lifetime ISA with a view of buying our first home, and then be told I cannot due to this issue.

Many thanks in advance!

System

You won't be considered a first time buyer for the sake of the help to buy ISA. Full details here. This is also the case for a lifetime ISA. In terms of whether or not you qualify as a first time buyer as far as banks are concerned (for deals, offers etc.) that will depend on the individual bank

crazytiger

Hi, many thanks for that.

So I guess the section here:

2. I do not own, and never have owned any interest in land, whether in the United Kingdom or elsewhere, which:
(A) is:
(i) in England or Wales:
(a) freehold;
(b) leasehold, where the lease was originally granted for a term certain exceeding 21 years; or
(c) commonhold; or
(ii) in Scotland, registered or recorded, or would be capable of being registered or recorded, as a right of absolute
ownership in the Land Register of Scotland or General Register of Sasines in Scotland, as applicable; or
(iii) in Northern Ireland:
(a) freehold; or
(b) leasehold, where the lease was originally granted for a term certain exceeding 21 years; or
(iv) an equivalent interest in land to the interests in land listed in paragraphs (A)(i) to
(iii) above under the laws of any jurisdiction outside the United Kingdom; and
(B) comprises a building that is used or suitable for use as a dwelling, or is in the process of being constructed or
adapted for such use; and
(C) (i) which I acquired as a purchaser by way of sole or joint ownership; or
(ii) which entitles me to possess or occupy that land.

So I guess I technically did own an interest in land, by having my name on the deeds, even though I wasn't on the mortgage and didn't benefit from it in any way including monetarily?

Thanks for you help

Pixie5740

You didn't technically own a property, you legally owned a property.

If there was a mortgage on the property I'm not sure how your parents managed to transfer legal ownership. Once legal ownership was transferred to you and your siblings your parents wouldn't have been able to transfer ownership back to themselves, you and your siblings would have to have done it. Are you absolutely positive you were on the deeds?

crazytiger

Hi Pixie,

Yeah, sorry for the "technically", you are right of course.

Yes we did sign it back / or sign ourselves off.

I shall inquire as to the exact arrangements - I'm not sure whether our names were added to the deeds as well as my parents, and then we removed ourselves later on.
Or whether ownership passed from my parents to myself and my siblings and then back again.

I imagine it was the first option.

But either way it looks as though I cannot benefit from the Help to Buy schemes for FTBs - due to this, which is irritating.

Again thanks for everyone's input.