We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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!
Do I classify as a first-time buyer
trglvkrn
Posts: 1 Newbie
Hello everyone,
I'm in the process of opening a lifetime ISA, and suddenly I realised that I might not actually classify as a first-time buyer. I went through lots of posts here and on other websites, but still couldn't find enough clarification for my case.
I have been living and working in the UK for 6 years now. I have never owned a property in the UK. Back home, I never thought I owned a property until my mother tells me I have a minority stake (17.5%) in our family house through inheritance, due to my father's death. Initially my parents owned a 50% stake each. After my father passed away, his stake was transfered equally to my mother, brother and myself. The house has never been sold afterwards.
So, my question to you is - do I still classify as a first-time buyer?
Thank you in advance!
I'm in the process of opening a lifetime ISA, and suddenly I realised that I might not actually classify as a first-time buyer. I went through lots of posts here and on other websites, but still couldn't find enough clarification for my case.
I have been living and working in the UK for 6 years now. I have never owned a property in the UK. Back home, I never thought I owned a property until my mother tells me I have a minority stake (17.5%) in our family house through inheritance, due to my father's death. Initially my parents owned a 50% stake each. After my father passed away, his stake was transfered equally to my mother, brother and myself. The house has never been sold afterwards.
So, my question to you is - do I still classify as a first-time buyer?
Thank you in advance!
0
Comments
-
No. You aren't a FTB. You are part owner of a dwelling.
If that part share is worth £40,000 or more, the SDLT surcharge will apply to any purchase.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards