Definition of First time Buyer

viking1

My son & his intended are about to purchase their first home. I am intending to contribute to the purchase. I am a tenant in Common with my wife. Does the fact we are leaving half the property to him in our wills on first death mean he is not classed as a first time buyer even though he has not yet nor likely to inherit for a long time yet accidents aside? There is no  separate trust involved just the wills, however I am unclear whether a tenants in common will is automatically a will trust?

MovingForwards

As you are both presumably alive, your son does not own any of your house at the moment.

TIC is just how you decided to own your propy.

A FTB is someone who has never owned or had a beneficial interest in a property. 

davidmcn

What anybody's Will says is of no consequence until they snuff it. Your son has absolutely no legal interest in your property. 

Carrot007

viking1 said:

I am intending to contribute to the purchase.

This is the onlty relivant part.

As long as it is 100% a gift that is not top be repaid he will count as a FTB.

If you are taking a share in the house then no. (and if it is to be repiad then he cannot (probably) get a mortgage so the money will need to be the purchase price).

viking1

Thank you all for your replies. Having studied the wills more closely they do appear to be trusts to protect my son's half of the aproperty on the first death. I shall also ask my son to mention it to his conveyancing solicitor.
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