PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

FTB definition

This may seem a silly question!
I have never bought a house before, but when my mum passed, her house went to me and my brother. We sold it and divided the proceeds between us.  Now that I am buying a house am I still classed as a first time buyer or will I have to pay stamp duty?

Comments

  • p00hsticks
    p00hsticks Posts: 12,589
    First Post Name Dropper Photogenic First Anniversary
    Forumite
    Did the executor of your mums will sell the house while it was still part of your mothers estate and give the proceeds to you and your brother (which would be the usual thing to do if the property was going to be sold straight away) , or was the property actually transferred into you and your brothers names first ?  
  • lottiemay
    lottiemay Posts: 40
    First Anniversary First Post Combo Breaker
    Forumite
    Did the executor of your mums will sell the house while it was still part of your mothers estate and give the proceeds to you and your brother (which would be the usual thing to do if the property was going to be sold straight away) , or was the property actually transferred into you and your brothers names first ?  
    We were the executors of her will. We sold the house and split the proceeds
  • housebuyer143
    housebuyer143 Posts: 3,173
    First Anniversary First Post Name Dropper
    Forumite
    If you didn't register it in your names before the sale then you are still a FTB
  • propertyrental
    propertyrental Posts: 2,217
    First Anniversary First Post Name Dropper
    Forumite
    lottiemay said:
    Did the executor of your mums will sell the house while it was still part of your mothers estate and give the proceeds to you and your brother (which would be the usual thing to do if the property was going to be sold straight away) , or was the property actually transferred into you and your brothers names first ?  
    We were the executors of her will. We sold the house and split the proceeds
    That does not clearly answer P00sticks' question.

    Did you (as Executers) sell the property before winding up the Estate, or did you transfer it into the names of the Beneficiaries (you and brother) and then sell?

  • lottiemay
    lottiemay Posts: 40
    First Anniversary First Post Combo Breaker
    Forumite
    lottiemay said:
    Did the executor of your mums will sell the house while it was still part of your mothers estate and give the proceeds to you and your brother (which would be the usual thing to do if the property was going to be sold straight away) , or was the property actually transferred into you and your brothers names first ?  
    We were the executors of her will. We sold the house and split the proceeds
    That does not clearly answer P00sticks' question.

    Did you (as Executers) sell the property before winding up the Estate, or did you transfer it into the names of the Beneficiaries (you and brother) and then sell?

    I believe we sold it as executors. It was over a year ago now so hard to remember, but I will look back on the paperwork
  • SDLT_Geek
    SDLT_Geek Posts: 2,429
    First Anniversary First Post Name Dropper
    Forumite
    lottiemay said:
    This may seem a silly question!
    I have never bought a house before, but when my mum passed, her house went to me and my brother. We sold it and divided the proceeds between us.  Now that I am buying a house am I still classed as a first time buyer or will I have to pay stamp duty?
    As others have said, the answer depends on how the property interests were dealt with and whether you, in your personal capacity, ever acquired an interest in the property.  There is some guidance on that relevant to stamp duty land tax (albeit in the context of the 3% surcharge) here: https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09795

    You might have acquired an interest in the property (and so not be a first time buyer) through:
    • An assent to you.
    • An appropriation in your favour.
    • The administration of the estate being complete.
    In looking at the guidance, ignore the bits about the three year grace period.  That is relevant to the 3% surcharge but not to status as first time buyer.
Meet your Ambassadors

Categories

  • All Categories
  • 341.9K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards