Stuck My Parents have 3 houses for me in a trust . I can't get first time buyer discount

LadyDee

Moregain wrote: »

Hi Guys,
I am 22 Years old. My Parents has given me 3 houses in a trust. The 3 Houses are In London. They have also given me 1 house in asia and 1 in america. The houses in asia and America do not generate much rental income. If I want I could sell them now and make around £150,000. But I have decided to keep them for the little rental income they provide.

The 3 houses in London are in a prime location near Crossrail. The rent for house number 1 is £2000 a month it's a 4 bedroom 2 bathroom conservatory and detached private garage. The house has been valued at around £500,000.

The second house is a Victorian house which is a 3 bedroom house which can be sold for £360,000 to £380.000. It generated a rental income of £1500 a month. The third houses is the biggest house and is worth around £800,000 and it generate around £3000k a month. It has granny annexe. Which can be put on rent for £1200 which I haven't done yet.

All together the houses generate before any tax is due which is sorted by the accountant . They generate £78,000 before any tax is generated. If I wanted to sell the houses now I could gain £1.7m. But the estate agent has told me that because the house are in a prime location new high street and Crossrail. I could sell all 3 in the future for near £2million. I could gain around £85k rent a year before tax which the accountant will pay the required tax. I would have around £75k a year income . I always wanted to move to united states were £75k would be around $100k a year. If I sold they would be around £2million which is around $2.7million dollar.


I am only 22 years old and have been saving for my own first home. I can't get the first time buyer discount because I already have 3 houses in London and 2 aboard which my parents have given me. I want to see the mortgages advisor and she was fuming that I would ask for the discount when I already have 3 houses in London. I haven't bought my own house, why can't I have the discount. I been working from last year after finishing university.

I been working for 1 year and earn around £25,000 a year after tax. I want to buy my own house . What would you do in my situation???

Boo hoo!

You think working for 12 months entitles you to a discounted house? I had to work for 25 years to buy my first home.

I'm surprised you don't think you're entitled to housing benefit after all you contributed to the economy!

Doozergirl

Surprised anyone takes this bait.

Poster has been here before, more than once and each time gets a little more far-fetched. Yawn.

I feel sorry for you, OP. It would be more productive if you spent time on acquiring some friends to keep you occupied.

westernpromise

Last time you asked this you were 26. A year later you're 22. Are you a time traveller from a Philip K. D ick short story? Now Wait For Last Year? Your Appointment Will Be Yesterday?
https://en.wikipedia.org/wiki/Now_Wait_for_Last_Year
https://en.wikipedia.org/wiki/Counter-Clock_World

Cheeky_Monkey

davidmcn wrote: »

OP, you should get in touch with Snowatlast, who had a surprisingly similar dilemma:

https://forums.moneysavingexpert.com/discussion/5757837/3-houses-worth-in-total-nearly-2-million-sell-or-rent&highlight=crossrail

Busted :T :rotfl::rotfl:

sheepy21

Are you for real? Surely no one can have such a sense of self importance to have millions worth of property and not what to pay stamp duty!? And you only earn 25k but with rental you make 100k. Get the silver spoon out of your !!!!! and be grateful you have so much

seashore22

sheepy21 wrote: »

Are you for real? Surely no one can have such a sense of self importance to have millions worth of property and not what to pay stamp duty!? And you only earn 25k but with rental you make 100k. Get the silver spoon out of your !!!!! and be grateful you have so much

The answer to that is no, they aren't for real.

bouicca21

School holidays must have started early

parkrunner

margaretclare wrote: »

Is it possible to attend university nowadays with such a level of illiteracy?

There are a lot more mistakes if you look closely.

moneyistooshorttomention

kingstreet wrote: »

English not OP's first language?

...Well I couldnt think of a tactful way to put it....:cool:

Grezz24

To think how many people scrimp and save and depend on the HTB to get onto the property ladder, then you come along with 1.7m assets and still want help.

Suppose thats how the rich get richer.