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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 2
    • seashore22
    • By seashore22 12th Jul 18, 12:25 PM
    • 1,152 Posts
    • 2,583 Thanks
    seashore22
    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 read the op and thought that it sounded uncannily familiar and was just about to go on a search.
    • LadyDee
    • By LadyDee 12th Jul 18, 12:26 PM
    • 3,143 Posts
    • 3,251 Thanks
    LadyDee
    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???
    Originally posted by Moregain

    Boo hoo!

    You think working for 12 months entitles you to a discounted house? I had to work for 25 years to buy my first home.

    I'm surprised you don't think you're entitled to housing benefit after all you contributed to the economy!
    • Doozergirl
    • By Doozergirl 12th Jul 18, 12:49 PM
    • 25,789 Posts
    • 69,847 Thanks
    Doozergirl
    Surprised anyone takes this bait.

    Poster has been here before, more than once and each time gets a little more far-fetched. Yawn.

    I feel sorry for you, OP. It would be more productive if you spent time on acquiring some friends to keep you occupied.
    Everything that is supposed to be in heaven is already here on earth.
    • westernpromise
    • By westernpromise 12th Jul 18, 12:49 PM
    • 4,263 Posts
    • 5,544 Thanks
    westernpromise
    Last time you asked this you were 26. A year later you're 22. Are you a time traveller from a Philip K. D ick short story? Now Wait For Last Year? Your Appointment Will Be Yesterday?
    https://en.wikipedia.org/wiki/Now_Wait_for_Last_Year
    https://en.wikipedia.org/wiki/Counter-Clock_World
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
    • Cheeky_Monkey
    • By Cheeky_Monkey 12th Jul 18, 12:56 PM
    • 1,809 Posts
    • 3,865 Thanks
    Cheeky_Monkey
    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
    Busted
    I used to be indecisive - now I'm not so sure
    • sheepy21
    • By sheepy21 12th Jul 18, 1:03 PM
    • 162 Posts
    • 162 Thanks
    sheepy21
    Are you for real? Surely no one can have such a sense of self importance to have millions worth of property and not what to pay stamp duty!? And you only earn 25k but with rental you make 100k. Get the silver spoon out of your !!!!! and be grateful you have so much
    • seashore22
    • By seashore22 12th Jul 18, 1:06 PM
    • 1,152 Posts
    • 2,583 Thanks
    seashore22
    Are you for real? Surely no one can have such a sense of self importance to have millions worth of property and not what to pay stamp duty!? And you only earn 25k but with rental you make 100k. Get the silver spoon out of your !!!!! and be grateful you have so much
    Originally posted by sheepy21
    The answer to that is no, they aren't for real.
    • bouicca21
    • By bouicca21 12th Jul 18, 1:29 PM
    • 3,911 Posts
    • 6,142 Thanks
    bouicca21
    School holidays must have started early
    • parkrunner
    • By parkrunner 12th Jul 18, 2:04 PM
    • 1,396 Posts
    • 2,196 Thanks
    parkrunner
    Is it possible to attend university nowadays with such a level of illiteracy?
    Originally posted by margaretclare

    There are a lot more mistakes if you look closely.
    • moneyistooshorttomention
    • By moneyistooshorttomention 12th Jul 18, 2:07 PM
    • 16,620 Posts
    • 45,889 Thanks
    moneyistooshorttomention
    English not OP's first language?
    Originally posted by kingstreet
    ...Well I couldnt think of a tactful way to put it....
    ****************
    • Grezz24
    • By Grezz24 12th Jul 18, 2:09 PM
    • 170 Posts
    • 193 Thanks
    Grezz24
    To think how many people scrimp and save and depend on the HTB to get onto the property ladder, then you come along with 1.7m assets and still want help.

    Suppose thats how the rich get richer.
    • Davesnave
    • By Davesnave 12th Jul 18, 2:50 PM
    • 26,186 Posts
    • 94,986 Thanks
    Davesnave

    Mind you, it IS the school holiday season, innit?
    Originally posted by DaftyDuck
    Only at schools for toffs!
    A garden is never so good as it will be next year....
    • PasturesNew
    • By PasturesNew 12th Jul 18, 3:18 PM
    • 64,318 Posts
    • 377,511 Thanks
    PasturesNew
    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.
    Originally posted by Moregain
    That's how it works.... the additional stamp duty is to prevent people stockpiling houses. If you want to avoid it, why not move into one you already own?
    • margaretclare
    • By margaretclare 12th Jul 18, 4:19 PM
    • 10,169 Posts
    • 17,233 Thanks
    margaretclare
    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)
    Originally posted by Cakeguts

    The one I went to has been sneered at for being a former polytechnic, but the level of literacy was a lot higher than this person displays.
    r ic wisdom funde, r wear ic eald.
    Before I found wisdom, I became old.
    • Cakeguts
    • By Cakeguts 12th Jul 18, 4:24 PM
    • 4,902 Posts
    • 7,274 Thanks
    Cakeguts
    The one I went to has been sneered at for being a former polytechnic, but the level of literacy was a lot higher than this person displays.
    Originally posted by margaretclare

    Some of them are converted colleges of arts so a bit of sketching and the ability to sign your name at the bottom or attaching bits of sheep skins to a wooden frame if I remember rightly no need sign anything at all on that one.
    • NaughtiusMaximus
    • By NaughtiusMaximus 12th Jul 18, 4:54 PM
    • 1,079 Posts
    • 2,637 Thanks
    NaughtiusMaximus
    English not OP's first language?
    Originally posted by kingstreet
    Possibly not but does bull**** qualify as a language?
    • cjdavies
    • By cjdavies 12th Jul 18, 5:24 PM
    • 3,549 Posts
    • 3,838 Thanks
    cjdavies
    Schools haven't broke up yet
    • diggingdude
    • By diggingdude 12th Jul 18, 5:56 PM
    • 388 Posts
    • 497 Thanks
    diggingdude
    Could you lend me a fiver pal?
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22 14621.22 16021 17296
    • 00ec25
    • By 00ec25 12th Jul 18, 6:48 PM
    • 6,992 Posts
    • 6,663 Thanks
    00ec25
    Schools haven't broke up yet
    Originally posted by cjdavies
    those that matter have, but your quiet correct in what you writ about the rest

    Last edited by 00ec25; 12-07-2018 at 8:43 PM.
    • Sapphire
    • By Sapphire 12th Jul 18, 6:59 PM
    • 2,238 Posts
    • 4,152 Thanks
    Sapphire
    those that matter have, but your quiet correct in what you write about the rest

    Originally posted by 00ec25
    It's probably doing something unmentionable to itself as it reads these replies.
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