Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • cattmcb
    • By cattmcb 12th Oct 18, 10:58 AM
    • 4Posts
    • 1Thanks
    cattmcb
    First time buyer but name on parents house
    • #1
    • 12th Oct 18, 10:58 AM
    First time buyer but name on parents house 12th Oct 18 at 10:58 AM
    Hi


    I want to purchase my own house but I believe Im not entitled to first time buyer isa as my name is no my parents house.


    Can I take my name off to get a first time buyer ISA?


    or



    Are there any other governement schemes I can use to get on ladder?
Page 1
    • AnotherJoe
    • By AnotherJoe 12th Oct 18, 11:02 AM
    • 11,825 Posts
    • 13,767 Thanks
    AnotherJoe
    • #2
    • 12th Oct 18, 11:02 AM
    • #2
    • 12th Oct 18, 11:02 AM
    First Q, no. I think its a misleading term really it should be first time owner. Why is your name on your parents house? Inheritance? If so how long has it been so?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • G_M
    • By G_M 12th Oct 18, 11:06 AM
    • 46,158 Posts
    • 55,858 Thanks
    G_M
    • #3
    • 12th Oct 18, 11:06 AM
    • #3
    • 12th Oct 18, 11:06 AM
    1) You own a property. So no.


    2) Help To Buy
    https://www.helptobuy.gov.uk/equity-loan/eligibility/
    • Niv
    • By Niv 12th Oct 18, 11:07 AM
    • 1,703 Posts
    • 1,526 Thanks
    Niv
    • #4
    • 12th Oct 18, 11:07 AM
    • #4
    • 12th Oct 18, 11:07 AM






    Are there any other governement schemes I can use to get on ladder?
    Originally posted by cattmcb

    To all intents and purposes you are already on the ladder.
    YNWA

    Target: Mortgage free by 58.
    • Rambosmum
    • By Rambosmum 12th Oct 18, 11:10 AM
    • 1,967 Posts
    • 2,474 Thanks
    Rambosmum
    • #5
    • 12th Oct 18, 11:10 AM
    • #5
    • 12th Oct 18, 11:10 AM
    Also be aware you may be subject to the second home stamp duty charge if you remain on your parents house, depending on the share you own in it.
    • McKneff
    • By McKneff 12th Oct 18, 12:42 PM
    • 36,278 Posts
    • 46,751 Thanks
    McKneff
    • #6
    • 12th Oct 18, 12:42 PM
    • #6
    • 12th Oct 18, 12:42 PM
    This sort of thing often comes back to bite you in the bum, on this occasion it has
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • Sibz
    • By Sibz 12th Oct 18, 1:22 PM
    • 121 Posts
    • 85 Thanks
    Sibz
    • #7
    • 12th Oct 18, 1:22 PM
    • #7
    • 12th Oct 18, 1:22 PM
    1) You own a property. So no.


    2) Help To Buy
    https://www.helptobuy.gov.uk/equity-loan/eligibility/
    Originally posted by G_M
    Name would need to be off the parents house before Help to Buy would be an option.
    • somethingcorporate
    • By somethingcorporate 12th Oct 18, 1:22 PM
    • 8,996 Posts
    • 8,722 Thanks
    somethingcorporate
    • #8
    • 12th Oct 18, 1:22 PM
    • #8
    • 12th Oct 18, 1:22 PM
    Oh dear - the SDLT issue is going to bite pretty hard too!
    Thinking critically since 1996....
    • troubleinparadise
    • By troubleinparadise 12th Oct 18, 1:37 PM
    • 1,049 Posts
    • 1,789 Thanks
    troubleinparadise
    • #9
    • 12th Oct 18, 1:37 PM
    • #9
    • 12th Oct 18, 1:37 PM
    I have had my name on the house for less than a year for inheritance reasons, both myself and my brother. Bit of a regret really wish Id purchased my own property first
    Originally posted by cattmcb
    Was this a DIY job?

    You really should have had the implications of such schemes explained to you had you used a competent solicitor or a financial adviser.

    If it was to avoid IHT then a financial adviser could have provided alternative options; and been a good spend if the asset levels exceed IHT levels as they stand at present.
    • AnotherJoe
    • By AnotherJoe 12th Oct 18, 1:47 PM
    • 11,825 Posts
    • 13,767 Thanks
    AnotherJoe
    I have had my name on the house for less than a year for inheritance reasons, both myself and my brother. Bit of a regret really wish Id purchased my own property first
    Originally posted by cattmcb

    Pound to a penny these inheritance reasons are ineffective as well (amateur hour tax avoidance I'm guessing?)
    Yep, add 3% to the price of the house you buy unless your share of your parents house is worth less than 40k.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • macman
    • By macman 12th Oct 18, 3:19 PM
    • 42,793 Posts
    • 18,040 Thanks
    macman
    It doesn't matter even if your name is taken off it now. That ISA requires that you have never owned a property or share of a property, whether currently or historically.
    No free lunch, and no free laptop
    • Red-Squirrel
    • By Red-Squirrel 12th Oct 18, 5:07 PM
    • 3,783 Posts
    • 10,136 Thanks
    Red-Squirrel
    Parents unwell so it was a quick move not really thought through in detail I suppose.


    Thanks for the comments I will have to study further
    Originally posted by cattmcb
    Deliberate deprivation of assets then?
    • Mojisola
    • By Mojisola 12th Oct 18, 5:49 PM
    • 30,128 Posts
    • 77,425 Thanks
    Mojisola
    Parents unwell so it was a quick move not really thought through in detail I suppose.
    Originally posted by cattmcb
    It usually ends up causing difficulties when these things aren't thought through - people think they will reduce their inheritance tax by transferring the house title to their children and the beneficiaries ended up still paying IHT because it was a gift with reservation plus Capital Gains Tax and the extra stamp duty when they bought their own homes.
    • getmore4less
    • By getmore4less 12th Oct 18, 7:23 PM
    • 33,595 Posts
    • 20,327 Thanks
    getmore4less
    I have had my name on the house for less than a year for inheritance reasons, both myself and my brother. Bit of a regret really wish Id purchased my own property first
    Originally posted by cattmcb
    Do you both live in the place?

    If not, unlikely to make any difference to IHT.
    • AnotherJoe
    • By AnotherJoe 13th Oct 18, 10:09 AM
    • 11,825 Posts
    • 13,767 Thanks
    AnotherJoe
    What about OP could change the % of his parents house he owns to bring the value under 40k?
    I think that just needs a witnessed statement doesn't it? That should avoid the SDLT issue?



    Would have to wait a long time before varying that back again if that was the intention though.


    Or if on good terms with brother, brother could do a DOV upon parents death sending that % back again. Or indeed just give him the money equivalent as a gift.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,278Posts Today

7,715Users online

Martin's Twitter