First time buyer with property abroad.

Lovecraft_2

We're currently renting privately, but we've been saving with the idea to buying something. One of the options might be shared ownership scheme. The thing is, even if we don't own any property in the UK, we do in our country of origin. I really would like to sell that property (and have a bigger deposit), but due to the market conditions and restrictions to foreign exchange (nearly impossible to move money out of the country), seems like it won't be possible to sell in the near future. 
Do banks or house associations really investigate if one owns a property abroad? One of the conditions says that "no property or intending to sell", but what is usually the term to sell? a year, 10 years?

avawat20

If you own or owned a property you're not a first time buyer in the UK. Simple as. If you declare otherwise your are committing fraud so I'd advise against that.

SDLT_Geek

It sounds as if you are likely to be liable for the extra 3% stamp duty land tax on your purchase as well.

AdrianC

Lovecraft_2 said:

Do banks or house associations really investigate if one owns a property abroad?

You mean "Will they find out that I'm lying?"

Lovecraft_2

Thanks for your answers, but as I said in my original post, I would like to know how long is that "intend to sell". 
I really would like to sell that property, only it's not possible in the short term.

davidmcn

Lovecraft_2 said:

Thanks for your answers, but as I said in my original post, I would like to know how long is that "intend to sell". 
I really would like to sell that property, only it's not possible in the short term.

Whose conditions are you quoting from? An intent to sell doesn't help you any with the stamp duty point. 

Seashell517

Lovecraft_2 said:

We're currently renting privately, but we've been saving with the idea to buying something. One of the options might be shared ownership scheme. The thing is, even if we don't own any property in the UK, we do in our country of origin. I really would like to sell that property (and have a bigger deposit), but due to the market conditions and restrictions to foreign exchange (nearly impossible to move money out of the country), seems like it won't be possible to sell in the near future. 
Do banks or house associations really investigate if one owns a property abroad? One of the conditions says that "no property or intending to sell", but what is usually the term to sell? a year, 10 years?

You would not usually be able to own another property and then purchase a shared ownership one, so I suspect 'intending to sell' would mean that you would have to found a buyer and be able to complete the sale and purchase at the same time.