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Am I first time buyer???

  • 23-11-2012 6:43pm
    #1
    grind gremlin
    Registered Users, Registered Users 2 Posts: 420 ✭✭


    My siblings and I all inherited a portion of a property. We intend on selling it in the not too distant future, using the money we get as a deposit for a house.

    Will we still be classed as first time buyers considering we have never actually bought a property........ Probably a silly question, but the lady I spoke to in the bank today wasn't sure if we would be.....


Comments

  • #2
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Has your name ever appeared on the deeds of any property? If you just inherited a share in some property and it was never conveyed to you (was just sold and you received a cash sum) then you're a first time buyer still.


  • #3
    grind gremlin
    Registered Users, Registered Users 2 Posts: 420 ✭✭grind gremlin


    My name is on the deeds, along with two others.

    Guessing I won't be considered a FTB so.......


  • #4
    grind gremlin
    Registered Users, Registered Users 2 Posts: 420 ✭✭grind gremlin


    If I am no longer classed as a FTB, what perks, if any, will I be missing out on?
    Will this affect the amount I can borrow / deposit I will need to pay?


  • #5
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    grind gremlin wrote: »
    My name is on the deeds, along with two others.

    Guessing I won't be considered a FTB so.......
    I didn't say that ;)

    I was just trying to exclude the possibility. You should consult Revenue and ask for their determination in writing. I would think it would be a very "harsh" way to lose FTB status by inheriting a portion of a property tbh.


  • #6
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    grind gremlin wrote: »
    My siblings and I all inherited a portion of a property. We intend on selling it in the not too distant future, using the money we get as a deposit for a house.

    Will we still be classed as first time buyers considering we have never actually bought a property........ Probably a silly question, but the lady I spoke to in the bank today wasn't sure if we would be.....

    You are no longer a FTB if you have ever been the legal owner of a property. At the moment there's no real relief you'll be missing out on (TRS will be gone soon). Stamp Duty is the same for first or second time buyers so no disadvantage there. Only difference is with some banks who allow FTB's borrow over a longer period (35 yrs for ftb's v 30 yrs for everyone else). Interest rates are charged the same irrespective of ftb status. Overall it makes no huge difference at the moment, but with a budget on the horizon this could change if the Government decide to offer any incentives to FTB's.


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  • #7
    grind gremlin
    Registered Users, Registered Users 2 Posts: 420 ✭✭grind gremlin


    Thanks for all the responses. My other half is a FTB but we are getting married next year, which will result in him also losing his FTB status if I am deemed not to be one.
    This Budget is going to be very interesting!


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