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

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Comments

  • marliepanda
    marliepanda Posts: 7,186 Forumite
    Goldcrypto wrote: »

    Although, I am failing to see what your posts add here? They are looking at options available to them under the current framework. So no help with question!

    Let 'him' crack on with it.

    Are you normally so invested in your brothers life and affairs?
  • Goldcrypto
    Goldcrypto Posts: 104 Forumite
    sal_III wrote: »
    Qualify for what?

    .

    Corporations that qualify for no SDLT.
    '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
    ashe wrote: »
    Ah the old classic asks for advice, rejects all advice that give the answer .

    What is the so called answer?
    '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
  • bouicca21
    bouicca21 Posts: 6,512 Forumite
    First Anniversary Name Dropper First Post
    I think OP is on the wrong forum, he needs to be on millionairesrus.com, or maybe wannabepropertybaron.com might be more suitable.
  • Goldcrypto
    Goldcrypto Posts: 104 Forumite
    need_an_answer wrote: »
    I'm getting the feeling I've read this posters threads before,not maybe under this user name but he's as insistent as the guy yesterday with the renovation project

    I can certainly assure you that I have not posted on these forums before. Only forums I have been a member of are investing and equity markets related. Renovation would not be at the top of my skill set or of interest to me.
    '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 11:26AM
    bouicca21 wrote: »
    I think OP is on the wrong forum, he needs to be on millionairesrus.com, or maybe wannabepropertybaron.com might be more suitable.

    I think many Londoners (despite maybe not feeling it or able to have access to the equity as tied up) are probably paper millionaires with the property rises. Sitting in their main asset.

    However, despite your humour attempt, I think you could possibly be correct from most of the replies. Clearly not investors.
    '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
  • Doozergirl
    Doozergirl Posts: 33,803 Forumite
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    Goldcrypto wrote: »
    Does not matter if he is not a first time buyer. Government assistance loan and no extra SDLT is available for everyone as long as do not own another property. That aspect has nothing to do with not been a first time buyer.

    Although, I am failing to see what your posts add here? They are looking at options available to them under the current framework. So no help with question!

    So 'his girlfriend' isn't interested in the first time buyer's SDLT relief? He's missing another trick there; I thought he had this sorted, as successful property investor and owner of one property.
    Everything that is supposed to be in heaven is already here on earth.
  • Goldcrypto
    Goldcrypto Posts: 104 Forumite
    edited 8 August 2018 at 11:42AM
    Doozergirl wrote: »
    So 'his girlfriend' isn't interested in the first time buyer's SDLT relief? .

    We have already established they would have no option but to pay the increased SDLT, if he was to purchase initially together or later he bought an equity portion and they started a new joint mortgage together. The only option would be looking at making below market offer when hunting for property to help offset the some increases in SDLT. Save on the purchase. Although most property investors know that usually the profit is made on the purchase price.

    Although, again, I fail to see how you're contributing to the question?
    '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
    tlc678910 wrote: »
    Hi,
    I think you are overestimating the benefit of the help to buy equity loan in your brothers situation. It is designed to help people stretch to a property that they could not otherwise afford and it sounds like your brother can afford up to the maximium value.

    After 5 years interest becomes payable. If you buy the extra portion you pay 20% of the current value so if the value has gone up the 20% will cost more. It is also only available on new builds cutting down buying options. New builds often fall in value and we often see threads on here of people that want to sell their second hand new build but can't due to negative equity.

    Re post 10 : your brother would not have been able to use the help to buy equity loan if it had existed as it cannot be used for a property to be let out.

    To benefit from the stamp duty exemption and help to buy, your brother's girlfriend can buy alone. Your brother could invest in other things. If they marry in the future both properties will be in the melting pot of assets.

    I take your point about big business evading tax but I think when there is a shortage of properties to provide homes it is fair enough that the government isn't providing assistance for people to have two.

    Tlc

    Agree. Am probably overlooking the HTB L. As is only for new builds they would be paying market rate anyway. They maybe best forgetting it and just do a joint property purchase from start and looking at making a competitive offer on an existing built property to not have to worry about the extra SDLT etc. They have plenty of time to sit, research, make offers.
    '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
  • Doozergirl
    Doozergirl Posts: 33,803 Forumite
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    edited 8 August 2018 at 11:46AM
    Goldcrypto wrote: »
    We have already established they would have no option if he was to purchase initially together or later he bought an equity portion and they started a new joint mortgage together. The only option would be looking at making below market offer when hunting for property to help offset the some increases in SDLT. Save on the purchase. Although most property investors know that usually the profit is made on the purchase price.

    Although, again, I fail to see how you're contributing to the question?

    Ah, we've established that your plan isn't going to work as he likes his money more than his girlfriend. I missed that. My bad.

    He must have decided that because someone here told him he couldn't have his cake and eat it.

    Carry on. I'll chip in when I can be helpful.
    Everything that is supposed to be in heaven is already here on earth.
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