Property held in trust and first time buyer!

loulou41

Are you still classified as a first time buyer if you have been left a share of your deceased dad property in a trust? Mum owns the other 50%. The trust ends on both death and you will only benefit when both parents died. It is an immediate post death trust. I understand if your name is added to the deeds then you do not qualify. Not sure whether it should be posted in buying and selling forum. Apologies if in the wrong forum. Hope my query is clear. Thanks

Keep_pedalling

As far as I know, you can no longer be classed as a first time buyer. You may also have to pay additional stamp duty on your first house as well, but worth checking over on the buying and selling board.

This is one of the things about trusts in wills, they need to be reviewed regularly otherwise changes in the tax rules can have unforeseen consequences down the line.

loulou41

Thanks I will post it in buying and selling forum.

loulou41

Suppose your parents are still alive when you buy your property. Surely you must be classified as a first time buyer for stamp duty allowance. It will be a different scenario if one of them died when you buy your property. Am I getting muddled?

Keep_pedalling

loulou41 wrote: »

Suppose your parents are still alive when you buy your property. Surely you must be classified as a first time buyer for stamp duty allowance. It will be a different scenario if one of them died when you buy your property. Am I getting muddled?

If both parents are alive then the trust will not have be created (and may never be if the wills are changed) so it that situation yes you would be treated as a first time buyer.

SeniorSam

You are not an owner of that property until the Trust is settled, which may be years away yet. If and when that happens, presumably when the second parent has died, then you may be deemed an owner.