First time buyer with property abroad

ellie1105

Hello,

I was advised by the mortgage advisor to keep it quite that I own house abroad to avoid stamp duty & qualify as a first time buyer. I was gifted my nans house but it is with limited contract what means that I can not sell, lease or do anything else with the property while my nan is still alive.
I also own share of my dads house what I bought out of someone who owed only 1/4 of my fathers property.

Internet is saying that property abroad means that I can not qualify for first time buyer, neither can my husband... advisor says noone will never find out..

What should I do?

Alter_ego

Where is dad's house?

davidmcn

ellie1105 wrote: »

What should I do?

Ignore your mortgage advisor who is trying to convince you to commit fraud? What other dodgy stuff are they up to?

Obviously you're not a first time buyer if you already own interests in two properties.

ellie1105

Latvia, 3/4 of the property is owed by my dad

Choccygirl123

Don't presume they won't find out. You have interests in two properties and it's fraud if you don't declare them.

foxy-stoat

Your adviser isn't doing their job if they are advising you to break the law.

The HMRC or what ever lender you use may or may not find out, personally its not the sorts of laws I would want to break.

Penelopa.Pitstop

Check if the properties are worth more than £40K. If property is below £40K, it doesn't affect your status and you don't have to pay extra stamp duty. Not sure how it works with two properties, whether your interest in both of them have to be below £40K.

https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties

Example 36.

davidmcn

Penelopa.Pitstop wrote: »

Check if the properties are worth more than £40K. If property is below £40K, it doesn't affect your status and you don't have to pay extra stamp duty. Not sure how it works with two properties, whether your interest in both of them have to be below £40K.

https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties

Example 36.

That's only in relation to whether the additional rate of SDLT is payable for buying second/third properties - but the OP has already lost their first time buyer "virginity" so can't claim the FTB relief.

diggingdude

if you want to commit fraud do it because you want to and will deal with the risks rather than someone else advising you to commit fraud

amnblog

It looks like the mortgage broker has not worked out that you tell someone to commit HMRC fraud today and they will be broadcasting it on the net tomorrow.

ellie1105

Ok, what are the chances that anyone will look for me owing 1/4 of the property abroad?