Deed of trust - still a first time buyer?

LucindaPerry

My sister’s name is on my mortgage with a deed of trust 100:0. As agreed, she hasn’t contributed to the property in any way financially, or lived there. She was a name on the mortgage to pass the affordability checks.

I have now been able to change the mortgage in solely my name. Will my sister qualify as a first time buyer when she comes to buy as the deed of trust states that she had 0% shares in the property? 

MovingForwards

Was she on the title deeds?

LucindaPerry

MovingForwards said:

Was she on the title deeds?

Yes, both names are on the title of deeds. We didn’t know that this would be a problem. If it is, can this be reviewed/amended? 

MovingForwards

Then she isn't a FTB. 

getmore4less

Being the legal owner of a property is not sufficient to lose FTB status. 

If it was being  a trustee would have significant problems where no beneficial ownership is held.

Thrugelmir

In what context does being a FTB matter?  

LucindaPerry

Thrugelmir said:

In what context does being a FTB matter?  

When my sister comes to buy a property in the future, we are concerned that she will not receive any FTB benefits.

getmore4less

Go through those benefits and check the rules for each one.

They don't all have to be the same.

SDLT is based in beneficial interest. 

LucindaPerry

getmore4less said:

Go through those benefits and check the rules for each one.

They don't all have to be the same.

SDLT is based in beneficial interest. 

Thank you so much! Do you have any idea where I should start?