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Current property owner and first time buyer - help to buy conflict

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  • Doozergirl
    Doozergirl Posts: 33,775
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    Goldcrypto wrote: »
    Yes, I am sure. Take with two hands and give back with one hand.


    Hilarious! Like your brother then? :rotfl:

    The trouble is that people have a habit of believing that other people are like them. Seek someone who dodges tax and takes advantage of government subsidies that they aren't entitled to, and ye shall find.
    Everything that is supposed to be in heaven is already here on earth.
  • Goldcrypto
    Goldcrypto Posts: 104 Forumite
    edited 8 August 2018 at 9:08AM
    Doozergirl wrote: »
    Hilarious! Like your brother then? :rotfl:

    The trouble is that people have a habit of believing that other people are like them. Seek someone who dodges tax and takes advantage of government subsidies that they aren't entitled to, and ye shall find.

    On the contrary, I think the other way around. Many hard working British citizens, like my brother, pay honestly and contribute well. I'm supportive of tax rises (when used wisely for UK services etc) in the correct areas.

    Whatever the current legislation is we work with that. Many corporations exploit the UK. Google, worth $Billions, paid a joke of an amount over the last 10 years. If you think corporations are paying their fair share in corporate tax and Londoners are not affected by overseas investors then yes we are on different perspectives to reality.

    Not entitled to? Why would she not be entitled to? What do you object with one person as a first time buyer using their entitlement by the government to buy a property then at a later stage a partner buying up a portion of their property so they can be more liquid? That other person buying a portion of the equity has not used any government subsidy or avoided any tax? That would effectively be the same situation as a 'shared ownership scheme' that is currently in operation where buyers buy with a government ownership scheme. So instead of government benefiting from price increases, the partner or relative or whoever is investing with that individual at a later stage. Are you implying that the first time buyer should not have the right, of their own property, to sell a portion of the equity at some stage?
    'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

    W Buffett
  • Cakeguts
    Cakeguts Posts: 7,627
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    What I want to know is how the brother managed to get a buy to let mortgage without owning his own property that he lived in. Did he lie on the mortgage application form?
  • Goldcrypto
    Goldcrypto Posts: 104 Forumite
    Cakeguts wrote: »
    What I want to know is how the brother managed to get a buy to let mortgage without owning his own property that he lived in. Did he lie on the mortgage application form?

    https://www.ft.com/content/73ba7254-154e-11e7-80f4-13e067d5072c

    No. There are different mortgage products out there without been a homeowner. Probably higher rates. However, he was an owner on a deed to a small property from an inheritance, out of London, already.
    'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

    W Buffett
  • Pixie5740
    Pixie5740 Posts: 14,515
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    Goldcrypto wrote: »

    Not entitled to? Why would she not be entitled to? What do you object with one person as a first time buyer using their entitlement by the government to buy a property then at a later stage a partner buying up a portion of their property so they can be more liquid? That other person buying a portion of the equity has not used any government subsidy or avoided any tax? That would effectively be the same situation as a 'shared ownership scheme' that is currently in operation where buyers buy with a government ownership scheme. So instead of government benefiting from price increases, the partner or relative or whoever is investing with that individual at a later stage. Are you implying that the first time buyer should not have the right, of their own property, to sell a portion of the equity at some stage?

    It's nothing like share ownership it would just be two individuals owning the property as tenants in common.
  • Doozergirl
    Doozergirl Posts: 33,775
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    I'm not even reading what you're writing as I've told you that the successful investor I work with pays all of the taxes due and you're waffling on trying to conjure up BS diversions about corporations and liquidity when the only question is about taking advantage of first time buyer incentives.

    Can your brother *give* his girlfriend money so that she can buy a house and take advantage of what she is entitled to? Yes.

    Can he then claim to own part of the house? No, because he has to sign a declaration saying that he is giving the money to her and her name is on the mortgage. If their relationship goes wrong before they marry then he's going to have trouble convincing a court that it's his money.

    It's his risk. He decides if it's worth it.

    Is he entitled to FTB incentives? No.

    Should he be? No. He owns a property that he profits from and that is more advantageous than a home to live in.

    Is it fair? Irrelevant, and your whining doesn't justify hiding his money.
    Everything that is supposed to be in heaven is already here on earth.
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    Goldcrypto wrote: »
    https://www.ft.com/content/73ba7254-154e-11e7-80f4-13e067d5072c

    No. There are different mortgage products out there without been a homeowner. Probably higher rates. However, he was an owner on a deed to a small property from an inheritance, out of London, already.

    Oh poor thing, he really IS hard done by isnt he.
  • Doozergirl
    Doozergirl Posts: 33,775
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    Goldcrypto wrote: »
    https://www.ft.com/content/73ba7254-154e-11e7-80f4-13e067d5072c

    No. There are different mortgage products out there without been a homeowner. Probably higher rates. However, he was an owner on a deed to a small property from an inheritance, out of London, already.

    So it's his third property? This gets better.

    But of course, it was only a small one. Doesn't count :p
    Everything that is supposed to be in heaven is already here on earth.
  • Goldcrypto
    Goldcrypto Posts: 104 Forumite
    Pixie5740 wrote: »
    It's nothing like share ownership it would just be two individuals owning the property as tenants in common.

    Exactly, but at least the tenant in common is someone you want to have something in common with - no pun intended :rotfl: Ie, both are benefiting.

    Anyway, I thought would be worth asking on a forum to brainstorm some ideas but maybe him best asking a friend in commercial law if he knows any friends in real estate law to offer some other advice on options or go with one already mentioned, if is possible.
    'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

    W Buffett
  • Goldcrypto
    Goldcrypto Posts: 104 Forumite
    edited 8 August 2018 at 9:43AM
    Doozergirl wrote: »
    So it's his third property?

    What makes you think he still owns that?
    I'm not even reading what you're writing

    Oh, I forgot your just cherry picking points you want to read. Silly of me. Thanks for your help.:beer:

    You have not even read the options have you? How is he hiding by either buying the property from the start together (her having a lesser ownership) and they then can not use the government assistance but just buy normally or he buys her equity as a new joint mortgage at a later date. She would be buying herself and he could choose if he wanted to refinance his property so he could buy an equity portion. Try and keep up if you want to criticise. Although I do not know what the point is if you have no actual contribution to the question.

    Sorry I am not reading anymore of your posts, following your lead, as it is just green eyed envy nonsense. Clearly not a real estate investor and happy for overseas investors to dominate the landscape instead of been concerned about UK investors. Ciao.
    'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

    W Buffett
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