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First time buyer but name on parents house

cattmcb
cattmcb Posts: 12 Forumite
in House buying, renting & selling
Hi


I want to purchase my own house but I believe Im not entitled to first time buyer isa as my name is no my parents house.


Can I take my name off to get a first time buyer ISA?


or



Are there any other governement schemes I can use to get on ladder?
«1

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    First Q, no. I think its a misleading term really it should be first time owner. Why is your name on your parents house? Inheritance? If so how long has it been so?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    1) You own a property. So no.


    2) Help To Buy
    https://www.helptobuy.gov.uk/equity-loan/eligibility/
  • Niv
    Niv Posts: 2,596 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    cattmcb wrote: »






    Are there any other governement schemes I can use to get on ladder?


    To all intents and purposes you are already on the ladder.
    YNWA

    Target: Mortgage free by 58.
  • Rambosmum
    Rambosmum Posts: 2,447 Forumite
    Part of the Furniture 1,000 Posts
    Also be aware you may be subject to the second home stamp duty charge if you remain on your parents house, depending on the share you own in it.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    This sort of thing often comes back to bite you in the bum, on this occasion it has
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Sibz
    Sibz Posts: 389 Forumite
    100 Posts Combo Breaker Name Dropper First Anniversary
    G_M wrote: »
    1) You own a property. So no.


    2) Help To Buy
    https://www.helptobuy.gov.uk/equity-loan/eligibility/

    Name would need to be off the parents house before Help to Buy would be an option.
  • somethingcorporate
    somethingcorporate Posts: 9,449 Forumite
    Oh dear - the SDLT issue is going to bite pretty hard too!
    Thinking critically since 1996....
  • troubleinparadise
    troubleinparadise Posts: 1,120 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    cattmcb wrote: »
    I have had my name on the house for less than a year for inheritance reasons, both myself and my brother. Bit of a regret really wish Id purchased my own property first

    Was this a DIY job?

    You really should have had the implications of such schemes explained to you had you used a competent solicitor or a financial adviser.

    If it was to avoid IHT then a financial adviser could have provided alternative options; and been a good spend if the asset levels exceed IHT levels as they stand at present.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    cattmcb wrote: »
    I have had my name on the house for less than a year for inheritance reasons, both myself and my brother. Bit of a regret really wish Id purchased my own property first


    Pound to a penny these inheritance reasons are ineffective as well (amateur hour tax avoidance I'm guessing?)
    Yep, add 3% to the price of the house you buy unless your share of your parents house is worth less than £40k.
  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It doesn't matter even if your name is taken off it now. That ISA requires that you have never owned a property or share of a property, whether currently or historically.
    No free lunch, and no free laptop ;)
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