Being on deeds/first time buyer

1a2b3c4d

Hi. I’m on the deeds of my parents house (along with them) but never lived there/no intention to/never paid money towards the house (they bought it outright).
I am now looking to buy my own property after always renting - am I considered a first time buyer for mortgage deals? Is there any other implications which get in the way of me buying my own house now? 

Thanks in advance for any answers! 

1a2b3c4d

Oh and I’m in Wales if that makes any difference. 

Gavin83

You won't be considered a FTB for any products, nor will you be able to use a LISA and you won't get a stamp duty discount. After all you aren't a FTB, you own a share in a house.

Why did your parents sign over a part of their house to you? It's generally a terrible idea for everyone involved. 

sheramber

https://www.gov.wales/land-transaction-tax-guide

There’s no first-time buyers’ relief in Wales.

https://www.gov.wales/land-transaction-tax-rates-and-bands

When you buy a residential property and you already own one or more residential properties you may need to pay the higher residential rates.

This will apply to you as you are already on the deeds of your parents house.

housebuyer143

You might be considered a FTB buyer for mortgage deals, like nationwide state you must not have had a mortgage in 4 years to be a FTB with them. Doesn't really get you much though.

If you don't come off your parents deeds though before buying you will have to pay an extra 4% stamp duty on your new place.

Keep_pedalling

It might be worth getting your share transferred back to your parents to avoid the additional 4% tax, but that needs to be balanced against any CGT that you might have to pay on the transfer.