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  • FIRST POST
    • Goldcrypto
    • By Goldcrypto 7th Aug 18, 11:50 PM
    • 62Posts
    • 5Thanks
    Goldcrypto
    Current property owner and first time buyer - help to buy conflict
    • #1
    • 7th Aug 18, 11:50 PM
    Current property owner and first time buyer - help to buy conflict 7th Aug 18 at 11:50 PM
    My brother bought his first property in his 20's in London and now in 30's. This was bought as an investment as a buy to let property. Now he has never had a property of his own as a residential to live as he preferred renting (the property investment helped him gain good capital growth over the last 10 years and the rental paid down mortgage and covered most of his rental costs for his own living) as he liked be flexible to be able to choose new properties and move around with his work that has quite a bit of international travel.

    Now the 20% loan assistance for first time buyers would not be available to (despite him not actually having a home to live as his main residency) as he would still be classed as someone owning real estate plus he would be hit by the new increased stamp duty costs for a second plus property etc - all seems unfair as those companies with 10+ do not get hit (ie big investors), while the small guy gets hit and plus some people do not like to invest their money in stock market etc, would be fairer if government allowed 1 residential as main residence and at least 1 investment buy-to-let (for those also to be able to claim first time buyer assistance and not have to pay increased stamp duty costs).

    My question (given the background): His girlfriend would qualify for the first time buyer and would want the 20% loan available for first time buyers. Now for land registry when she buys the name would have to be in her name etc but if my brother wanted to give her 50% of down payment and gift her for time been half of the mortgage payments so in x number of years there could be a legal contract she signs (at purchase) that states he has half ownership claim etc? Is there a way to structure this with a lawyer in some way?

    He would not be willing to sell the London property as growth has been too good and expects continued strong capital growth. Even if that was not the case, it is in a very hot rental location so provides great rental income.
    Last edited by Goldcrypto; 07-08-2018 at 11:53 PM.
Page 6
    • YoungBlueEyes
    • By YoungBlueEyes 9th Aug 18, 10:09 PM
    • 301 Posts
    • 304 Thanks
    YoungBlueEyes
    OP if you're going to ask and answer your own questions, what you need us for?

    You've said that you know people/fora that will give you better or more relevant advice, so what kind of answers have they been giving you?
    • BSW89
    • By BSW89 10th Aug 18, 7:38 PM
    • 28 Posts
    • 11 Thanks
    BSW89
    Amused and slightly bewildered by this thread.

    OP, you keep referring to wanting advice from investors. This implies you want investment advice. HTB/SDLT related incentives are designed to help people whose primary reason for buying a property is to have a more permanent and secure home to live in, not people looking for an investment.
    • Goldcrypto
    • By Goldcrypto 10th Aug 18, 7:57 PM
    • 62 Posts
    • 5 Thanks
    Goldcrypto
    Amused and slightly bewildered by this thread.

    OP, you keep referring to wanting advice from investors. This implies you want investment advice. HTB/SDLT related incentives are designed to help people whose primary reason for buying a property is to have a more permanent and secure home to live in, not people looking for an investment.
    Originally posted by BSW89
    A home should be looked at as an investment (regardless if it is your primary residence) - probably for most people their biggest asset, or one of largest. However, ignoring that, it is in the context of investment advice as it clashes with a specific investment property. Hence, other investors coming across the same scenario or similar.

    However, they have spoken to several investment consultants and have their answer now.
    '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
    • need an answer
    • By need an answer 10th Aug 18, 7:59 PM
    • 935 Posts
    • 1,139 Thanks
    need an answer

    However, they have spoken to several investment consultants and have their answer now.
    Originally posted by Goldcrypto
    What a relief for all of us.....
    in S 34 T 54 F 56
    out S 51 T 52 F 54
    2017 -32
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