First time buyer & property inheritence

sophiarose197

Hello,

I inherited 50% of an over 55's property and I am under 55 so I wasn't eligible to live in it. The property was sold for this reason and the mortgage was paid off. I was wondering, am i still considered a first time buyer ? I can't see how it would be fair that I wouldn't be considering the property I inherited I couldn't actually reside in, I would have had to have waited over 30 years so selling was our only option. My share was under £25k which I had hoped to put towards a deposit for my own property but I now can't use any of the help to buy schemes etc, this seems gravely unfair and I wondered if anyone else has been in the position?

Any advice or guidance would be much appreciated
Sophia

diggingdude

Was it sold by the estate it yourself

sophiarose197

I was the executor of the estate and the property also had a shared ownership element (25%) so the property was sold by an estate agent as the shared ownership element meant we had to use one.

G_M

Was it sold by the estate it yourself

sophiarose197 wrote: »

I was the executor of the estate and the property also had a shared ownership element (25%) so the property was sold by an estate agent as the shared ownership element meant we had to use one.

:rotfl: :rotfl: :rotfl:


The question was not about marketing /finding a buyer - it was about who legally sold it as 'owner'!


:rotfl: :rotfl: :rotfl:


It sounds as if that was you, as Executor.


In that case you never owned it, so I believe you are still a FTB.

sophiarose198

I was also a beneficiary which is why I said I inherited the property.

davidmcn

sophiarose198 wrote: »

I was also a beneficiary which is why I said I inherited the property.

Yes, but what you received was (we think) only the sale proceeds - the property was never transferred into your name as an individual? In which case it hasn't affected your FTB virginity.

Slithery

It all depends on whether the estate sold the property and then you got the proceeds (still an FTB), or the property was transferred into your name then you sold it (not an FTB).

G_M

sophiarose198 wrote: »

I was also a beneficiary which is why I said I inherited the property.

Being a Beneficiary does not necessarily mean you inherited the property. Did you?

The question was: "Was it sold by the estate it yourself" (I assume 'it' = 'or')

Your answer was: "I was the executor of the estate" suggesting you sold as Executor, and passed the cash to yourself as Beneficiary.

True or not true?


(it's like blood from a stone sometimes....)

Norman_Castle

sophiarose197 wrote: »

Any advice or guidance would be much appreciated

Was the property transferred from the deceased estate to its new owner? I suspect you inherited a share of the proceeds of the sale of the property, not the property itself. If the property was never put into your name you have never owned a property and are a first time buyer.


Open a HTB ISA before Saturday.


https://www.moneysavingexpert.com/savings/help-to-buy-ISA/

AdrianC

You had two hats in the process.

You had your hat as the executor - basically, acting as the deceased's representative in wrapping the estate up. Once everything's disbursed, that hat disappears.
You had your hat as the beneficiary - a totally passive hat until the executor finishes their job and gives you what you're inheriting.

Did you sell the property as executor, wearing just the first hat?
Or did you, as first-hat executor, transfer the property into your own name, then sell it wearing your second hat?

The term FTB is slightly misleading. It's the FT that's important, not the B. Think of it as FTO instead - first-time OWNER. If the first, you are still a FTO. If not, then you aren't and don't. (Assuming the share was £40k+ in value).

Keep_pedalling

It is highly unlikely it was ever transferred into the OPs name as ownership is restricted to the over 55s.