First Time Buyer?

CuriousGirl

Hello,

I have been a bit confused after looking at different sources of information.

I am looking to buy my first home, have never owned a property in the UK.

I have a good deposit from a quick sale of a flat abroad (Belarus) which I inherited from my Mum who sadly passed away in July 2017. Suddenly released that I would not be classed as a FTB as in the past I had already had a property elsewhere in the world ? Seems very unfair as I never wanted my Mum to die , neither to inherit her flat which I in fact have only owned for two months before selling it?

Am I right?

Many thanks in advance.

kingstreet

You are not a FTB for SDLT or HTB purposes.

You may be treated as a FTB by some mortgage lenders.

CuriousGirl

Thank you , just confirms my thoughts . I did not want to lie and reported my transaction as sale proceeds but now I am sort of regretting it . Should have declared it as a gift from my Nan.

How come that some lenders still would treat me as a FTB ? Double standards? And how would I benefit from it?

kingstreet

Lenders have different criteria for determining, such as not having had a mortgage in the last three years, for example.

CuriousGirl

Thank you. Does not make any sense to me. Still I have to pay SDLT and not being entitled to HTB. What's the point ?

kingstreet

You don't want a better mortgage product if one is on offer?

CuriousGirl

Oh yes. But with my deposit with a decent LTV I would get it regardless.

SDLT_Geek

Do not give up too lightly on first time buyers relief for an inherited property. Perhaps the flat sale was done as the equivalent of an "executors sale" in England. If the interest in the flat never passed to you as beneficiary (but the flat was sold by the personal representatives and the money then passed out of the estate to you as a beneficiary) then you may never have acquired an interest in a dwelling.


It might well be a matter of understanding Belarus law and as to how the estate and sale was handled so as to work out whether or not you count as a first time buyer. There is more about the details of first time buyers relief here: https://www.blakemorgan.co.uk/news-events/blog/sdlt-first-time-buyers-relief/
See especially p5 and example 3.3.3 in the pdf paper linked from that.

CuriousGirl

Many thanks, much appreciated. Will have a look.