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House deeds

azz007
azz007 Posts: 216 Forumite
Fifth Anniversary 100 Posts
in House buying, renting & selling
Hello first post,

Quick question, house is freehold. If I was to add a named person (son) onto the house deeds in addition to current deed owners.(parents) .

Would that person (son) still qualify for a help to buy scheme via the HTB ISA with 25% govement top up If they ever decided to buy a property themselves. . Son has never had a mortgage or owned another property.
Thanks
«1

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    No.


    ...........................................
  • azz007
    azz007 Posts: 216 Forumite
    Fifth Anniversary 100 Posts
    G_M wrote: »
    No.


    ...........................................
    Care to elaborate?


    Will Son be a first time buyer is my question and be entitled to the discounts and government top up via HTB ISA
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    azz007 wrote: »
    Care to elaborate?

    Will Son be a first time buyer is my question and be entitled to the discounts and government top up via HTB ISA
    He won't be a first time buyer (for this purpose, or for e.g. SDLT) if he's previously owned a property. What's the intended purpose of adding him to the deeds?
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    azz007 wrote: »
    Care to elaborate?


    Will Son be a first time buyer is my question and be entitled to the discounts and government top up via HTB ISA


    It isn't just first time buyers it is also first time owners. Son will no longer be a first time owner so won't get the benefits that go to first time buyers/ first time owners.
  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    Not only that but they will pay the extra 3% stamp duty when they buy their own home since the will go from owning 1 property to 2. (providing their share of parents house is worth more than £40k)
  • HampshireH
    HampshireH Posts: 5,032 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    I cannot see any sensible reason to add him to the deeds.

    It would reduce the benefits available to him and leave him with additional costs too
  • azz007
    azz007 Posts: 216 Forumite
    Fifth Anniversary 100 Posts
    Thanks for the repsonses.

    Out of curiosity, How many names can be added to house deeds in total?
  • azz007
    azz007 Posts: 216 Forumite
    Fifth Anniversary 100 Posts
    Well he has a HTB ISA atm. And so does his partner.

    If they both wanted to buy a property in the future, she'd be a FTB., as she's never owned a property, mortgage etc.

    So how would This then work, with government bonus, stamp duty benefits.?

    Thanks.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    azz007 wrote: »
    Well he has a HTB ISA atm. And so does his partner.

    If they both wanted to buy a property in the future, she'd be a FTB., as she's never owned a property, mortgage etc.

    So how would This then work, with government bonus, stamp duty benefits.?

    Thanks.
    If they bought jointly, then his (part) ownership of another property would mean they were not FTBs and as already explained they'd have to pay the aditional 3% SDLT for a 2nd property.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If I was to add a named person (son) onto the house deeds in addition to current deed owners.(parents) .

    Would that person (son) still qualify for a help to buy scheme via the HTB ISA with 25% govement top up If they ever decided to buy a property themselves.

    No.

    ...........................................

    azz007 wrote: »
    Care to elaborate?
    that person (son) would no longer qualify for a help to buy scheme via the HTB ISA with 25% govement top up If they ever decided to buy a property themselves.
This discussion has been closed.
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