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Would this effect me being a first time buyer
jonney92
Posts: 21 Forumite
Hello,
My mother recently got probate of the house we live in and the solicitor recommended putting 50% of the house into mine and my sisters name so 25% each. So my mother owns 50% and me and my sister have 25% each.
Would this effect me being a first time buyer as I am yet to buy a property of my own?
Hopefully someone can help or advise:)
Thanks
My mother recently got probate of the house we live in and the solicitor recommended putting 50% of the house into mine and my sisters name so 25% each. So my mother owns 50% and me and my sister have 25% each.
Would this effect me being a first time buyer as I am yet to buy a property of my own?
Hopefully someone can help or advise:)
Thanks
0
Comments
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No it would not affect this0
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It depends on the value of your share.
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That doesn't make sense to me.
Do you mean you have all inherited it rather than she got probate?
If so and you are now a part owner who lives there you will lose your first time buyer rights
Why did they recommend that? Assuming it was a grandparents or parents house we as a deed of variation done to vary the will to all three of you?
Did you take legal advice before accepting a 25% stake.
I may be wrong on the above but I think you may only retain FTB status in some cases if you can't benefit (but you are as you reside there)1 -
My mum inherited all my dads estate, but solicitor said to put some of the house into my name.HampshireH said:That doesn't make sense to me.
Do you mean you have all inherited it rather than she got probate?
If so and you are now a part owner who lives there you will lose your first time buyer rights1 -
Why did they recommend that?jonney92 said:
My mum inherited all my dads estate, but solicitor said to put some of the house into my name.HampshireH said:That doesn't make sense to me.
Do you mean you have all inherited it rather than she got probate?
If so and you are now a part owner who lives there you will lose your first time buyer rights0 -
Why would it not affect their FTB status? They own a property. Can you please explain further this.Mineral1 said:No it would not affect this
2
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