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  • FIRST POST
    • Moregain
    • By Moregain 12th Jul 18, 11:07 AM
    • 1Posts
    • 0Thanks
    Moregain
    Stuck My Parents have 3 houses for me in a trust . I can't get first time buyer discount
    • #1
    • 12th Jul 18, 11:07 AM
    Stuck My Parents have 3 houses for me in a trust . I can't get first time buyer discount 12th Jul 18 at 11:07 AM
    Hi Guys,
    I am 22 Years old. My Parents has given me 3 houses in a trust. The 3 Houses are In London. They have also given me 1 house in asia and 1 in america. The houses in asia and America do not generate much rental income. If I want I could sell them now and make around 150,000. But I have decided to keep them for the little rental income they provide.

    The 3 houses in London are in a prime location near Crossrail. The rent for house number 1 is 2000 a month it's a 4 bedroom 2 bathroom conservatory and detached private garage. The house has been valued at around 500,000.

    The second house is a Victorian house which is a 3 bedroom house which can be sold for 360,000 to 380.000. It generated a rental income of 1500 a month. The third houses is the biggest house and is worth around 800,000 and it generate around 3000k a month. It has granny annexe. Which can be put on rent for 1200 which I haven't done yet.

    All together the houses generate before any tax is due which is sorted by the accountant . They generate 78,000 before any tax is generated. If I wanted to sell the houses now I could gain 1.7m. But the estate agent has told me that because the house are in a prime location new high street and Crossrail. I could sell all 3 in the future for near 2million. I could gain around 85k rent a year before tax which the accountant will pay the required tax. I would have around 75k a year income . I always wanted to move to united states were 75k would be around $100k a year. If I sold they would be around 2million which is around $2.7million dollar.


    I am only 22 years old and have been saving for my own first home. I can't get the first time buyer discount because I already have 3 houses in London and 2 aboard which my parents have given me. I want to see the mortgages advisor and she was fuming that I would ask for the discount when I already have 3 houses in London. I haven't bought my own house, why can't I have the discount. I been working from last year after finishing university.

    I been working for 1 year and earn around 25,000 a year after tax. I want to buy my own house . What would you do in my situation???
Page 1
    • DaftyDuck
    • By DaftyDuck 12th Jul 18, 11:14 AM
    • 4,261 Posts
    • 8,945 Thanks
    DaftyDuck
    • #2
    • 12th Jul 18, 11:14 AM
    • #2
    • 12th Jul 18, 11:14 AM
    I agree with your mortgage advisor. Why on earth should you get a discount?

    Why, in effect, should I contribute to your house purchase?

    Mind you, it IS the school holiday season, innit?
    • moneyistooshorttomention
    • By moneyistooshorttomention 12th Jul 18, 11:14 AM
    • 16,573 Posts
    • 45,754 Thanks
    moneyistooshorttomention
    • #3
    • 12th Jul 18, 11:14 AM
    • #3
    • 12th Jul 18, 11:14 AM
    Accept that I had been very lucky to be given several houses like that and at quite a young age and forget about trying to get the taxpayer to cough up to help you out even more.

    If I owned several houses and had that sort of income - then I'd have no complaints about my finances.
    ****************
    • LandyAndy
    • By LandyAndy 12th Jul 18, 11:16 AM
    • 24,411 Posts
    • 51,554 Thanks
    LandyAndy
    • #4
    • 12th Jul 18, 11:16 AM
    • #4
    • 12th Jul 18, 11:16 AM
    I been working for 1 year and earn around 25,000 a year after tax. I want to buy my own house . What would you do in my situation???
    Originally posted by Moregain
    Try and make it more believable?
    • foxy-stoat
    • By foxy-stoat 12th Jul 18, 11:16 AM
    • 2,642 Posts
    • 1,523 Thanks
    foxy-stoat
    • #5
    • 12th Jul 18, 11:16 AM
    • #5
    • 12th Jul 18, 11:16 AM
    What is this first time buyer discount? My first house was bought from the vendor at the agreed price, paid more in interest as I was a first timer as well.

    As for the rest of your post, well done for the 1.7m worth of properties and pre tax annual additional income of 78K you get.

    Keep it up.
    • mrginge
    • By mrginge 12th Jul 18, 11:18 AM
    • 4,616 Posts
    • 8,714 Thanks
    mrginge
    • #6
    • 12th Jul 18, 11:18 AM
    • #6
    • 12th Jul 18, 11:18 AM
    Maybe start a just giving page? My guess is you!!!8217;ll have the money in no time.
    FFS
    • campbell19925
    • By campbell19925 12th Jul 18, 11:23 AM
    • 146 Posts
    • 181 Thanks
    campbell19925
    • #7
    • 12th Jul 18, 11:23 AM
    • #7
    • 12th Jul 18, 11:23 AM
    If this isn't the definition of first world problems I dont know what is
    • sal_III
    • By sal_III 12th Jul 18, 11:35 AM
    • 639 Posts
    • 653 Thanks
    sal_III
    • #8
    • 12th Jul 18, 11:35 AM
    • #8
    • 12th Jul 18, 11:35 AM
    I admire your dedication for wanting to buy something with your own money.

    I also admire your audacity for asking for tax deductions when you have 2m in property equity and 85k/year rental income...

    If you want the discount you can just sell the properties you currently own and buy a new one.
    • AylesburyDuck
    • By AylesburyDuck 12th Jul 18, 11:37 AM
    • 813 Posts
    • 1,947 Thanks
    AylesburyDuck
    • #9
    • 12th Jul 18, 11:37 AM
    • #9
    • 12th Jul 18, 11:37 AM
    Sweet nelly, seriously!
    When we first bought our own house you didnt even get ANY help, do you think i should complain OP and demand some money back.
    No your right i shouldnt, because it sounds as ridiculous as your problem.
    Eugh!
    ,
    Fully paid up member of the ignore button club.
    If it walks like a Duck, quacks like a Duck, it's a Duck.
    • marliepanda
    • By marliepanda 12th Jul 18, 11:39 AM
    • 6,585 Posts
    • 14,093 Thanks
    marliepanda
    Has anyone seen my violin? Its very very small and I've lost it...
    • bertiewhite
    • By bertiewhite 12th Jul 18, 11:40 AM
    • 1,225 Posts
    • 1,367 Thanks
    bertiewhite
    Are you trying to wind forum posters up?
    • margaretclare
    • By margaretclare 12th Jul 18, 11:44 AM
    • 10,169 Posts
    • 17,232 Thanks
    margaretclare
    I am only 22 years old and have been saving for my own first home. I can't get the first time buyer discount because I already have 3 houses in London and 2 aboard which my parents have given me. I want to see the mortgages advisor and she was fuming that I would ask for the discount when I already have 3 houses in London. I haven't bought my own house, why can't I have the discount. I been working from last year after finishing university.

    Is it possible to attend university nowadays with such a level of illiteracy?
    r ic wisdom funde, r wear ic eald.
    Before I found wisdom, I became old.
    • davidmcn
    • By davidmcn 12th Jul 18, 11:48 AM
    • 8,482 Posts
    • 8,937 Thanks
    davidmcn
    OP, you should get in touch with Snowatlast, who had a surprisingly similar dilemma:

    https://forums.moneysavingexpert.com/showthread.php?t=5757837&highlight=crossrail
    • kingstreet
    • By kingstreet 12th Jul 18, 11:49 AM
    • 34,101 Posts
    • 18,503 Thanks
    kingstreet
    Is it possible to attend university nowadays with such a level of illiteracy?
    Originally posted by margaretclare
    English not OP's first language?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Pixie5740
    • By Pixie5740 12th Jul 18, 11:53 AM
    • 12,906 Posts
    • 18,535 Thanks
    Pixie5740
    OP, you should get in touch with Snowatlast, who had a surprisingly similar dilemma:

    https://forums.moneysavingexpert.com/showthread.php?t=5757837&highlight=crossrail
    Originally posted by davidmcn
    Thank you. I was searching for that thread because I had a strong sense of deja vu.
    • Cakeguts
    • By Cakeguts 12th Jul 18, 12:07 PM
    • 4,852 Posts
    • 7,200 Thanks
    Cakeguts
    Has anyone seen my violin? Its very very small and I've lost it...
    Originally posted by marliepanda

    Do you mean your viledin. If you really can't find it I can lend you one.
    • Cakeguts
    • By Cakeguts 12th Jul 18, 12:09 PM
    • 4,852 Posts
    • 7,200 Thanks
    Cakeguts
    Is it possible to attend university nowadays with such a level of illiteracy?
    Originally posted by margaretclare

    Depends on the university. Some of them only require you to be able to write your name to be offered a place.
    • letitbe90
    • By letitbe90 12th Jul 18, 12:10 PM
    • 89 Posts
    • 95 Thanks
    letitbe90
    Do not feed the troll
    • Cakeguts
    • By Cakeguts 12th Jul 18, 12:12 PM
    • 4,852 Posts
    • 7,200 Thanks
    Cakeguts
    Try again and this time do some research before you post. (It was one of those universities where if you can spell your name correctly you can get a place)



    It isn't a first time buyers discount it is a first time OWNERS discount. First time buyers also have to be first time owners. What you have posted doesn't make you a first time owner.
    • theartfullodger
    • By theartfullodger 12th Jul 18, 12:20 PM
    • 9,729 Posts
    • 13,137 Thanks
    theartfullodger
    "Moregain". Either a troll or an off the scale capitalist.

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