Are we first time buyers?

emma170879

I have never been on a mortgage

My partner used to own a house with his ex, however this was sold, no profit was made. The house was sold over 6 years ago

Will we be classed as first time buyers when purchasing together?


Thanks

ZCC72

As you do not have a property to sell, you will technically be a first time buyer. The term is a bit misleading, as it can apply to people even if they have bought a house before! It really means that there is no chain below you - no sale to take into account.

I hope this helps!

emma170879

Thank you for your reply.

We are thinking of buying a new build. They offer 5% discount paid to first time buyers. The small print says this is only offered to true first time buyers who have never owned a house

Now I can see why, as they may leave themselves open to people who sell, rent for a few months then say they are first time buyers to cash in on the 5% offer.

How far are they likely to check back? 5 years maybe, or more?

We are far from trying to cash in on anything. He didnt own the house for long, it was years ago, he made nothing on it and it was in joint names with someone other than me

Are we doing anything wrong if we apply for this as first time buyers?

Doozergirl

You can negotiate more than 5% off the price of the house!! - doesn't matter who you are. There's someone on the board who has negotiated 15-20% off and they're even part exchanging their current house!

The developers probably don't care either. They just want the place sold.

It's not a flat is it?

emma170879

I did not know that was possible, thank you for the information

It's not a flat, its a town house - does that make a difference?

Doozergirl

Not really. If it was a flat I'd have told you to run away!

Barter hard. Don't let them flumox you with carpets, appliances and the likes (complete rip-off via developers and of course the cost to them is far less than the price they charge). Talk in cold hard cash.

PasturesNew

I believe, legally, you are a First Time Buyer if you've owned before and it's been 9 months since that property was sold.

Don't worry about the terminology though. They only use these terms for marketing purposes really.

emma170879

Thank you. I really am clueless

I am intrigued to know why you would say that if we were thinking of a flat though?

Doozergirl

New Build flats are notoriously not worth what developers have been charging for them previously. Massive oversupply has sent already hugely inflated prices plummeting. Even the developers aren't marketing the properties at the price they once were, but they're still overpriced and the problem is likely to get worse.

You can find new build flats selling at auction and even on the open market for near half of what the buyers originally paid.

You're also likely to find that your beautiful block is half empty andor/ shared with renters. Not the best sort of people (generally speaking) to help look after your massive investment.

SquatNow

Instead of buying a new-build property, just put all your money in a wastepaper basket and set fire to it. The result is the same. Either way you lose all your money, my way is less stressful.

New-builds generally lose 20-30% of their so called "value" when you move in.

Wait 6 months and see how far prices drop and then shop around.

izzybusy23

emma170879 wrote: »

Thank you. I really am clueless

I am intrigued to know why you would say that if we were thinking of a flat though?

Hi there

I'm not having a dig at all, but how much research have you done into buying your new build house?

Buyer incentive deposits are sometimes factored in as 'gifted deposits' whereby the developers actually say they sold the property for the full asking price therefore skewing the land registry data, making your property 'appear' more than its actually worth.

You've got to have your head screwed on and your wits about you when buying new builds at the moment.

Although I would not have said it so harshly, I do echo Squatnow's sentiments in that new builds are not worth what they are being sold for.

Do all the research you can before signing on the dotted line.

Good luck.

Ps: yes, technically you are classed as a FTB.