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I'm not sure if I'm a first time buyer
veram
Posts: 1 Newbie
I previously put my name down on my brother's property as he wanted me as a backup person. After he wanted to re-mortgage we took my name off. I never actually purchased the property. Would I qualify as a first time buyer in order to be eligible for the Government's help to buy scheme?
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Comments
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No, you have already owned a property by helping your brother.Mortgage started 2020, aiming to clear 31/12/2029.0
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No, maybe your brother will help you out as he owes you bigAn answer isn't spam just because you don't like it......0
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It isn't so much first time buyer as first time owner. You aren't a first time owner so you don't qualify.0
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I Assuming you mean you became a legal owner listed on the property title and a joint mortgagor.I previously put my name down on my brother's property as he wanted me as a backup person. After he wanted to re-mortgage we took my name off. I never actually purchased the property. Would I qualify as a first time buyer in order to be eligible for the Government's help to buy scheme?
Whether you are still a FTB may depend on the exact arrangement with your brother.
1 - Did you own the property as joint tenants or tenants in common?
2 - If tenants in common did you declare anywhere what percentage each of you owned?
3 - Between you was this always meant to be 100% 'owned' by your brother?
4 - Did you pay or lend your brother anything towards the deposit? Have you ever contributed to the mortgage?
5 - Have you ever lived in the property?
6- When your took your name off the legal interest did your brother pay you anything?
When two joint owners buy a property they hold the legal interest on trust for the beneficial owners. Usually the beneficial owners are the same two people. Unlike the legal ownership, the beneficial ownership can be split percentage wise, so Parties A & B might normally split the beneficial ownership 50/50, 60/40 or by some complicated formula.
If you could show, without doubt, that you both owned the property on trust for your brother 100% and you 0% there is just a chance you may have a claim to still be defined as a FTB.0
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