First time buyer query

M

moondance

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Hi there, hope someone can help me here! I'm thinking about buying a property in the new year so here is my query. Will I be classed as a first time buyer in the following circumstances:
- I previously had a mortgage for a house I built with my partner.
- When we split up we found out that only his name was on the deeds of the house (as the land was in his sole name) so I didn't actually own any part of it despite the mortgage being in both names.

Thanks in advance for any advice.
 
It's not finalised yet but we have agreed a sum based on what I have paid into the mortgage (over 2 years) and extra for any items I bought in the house. The mortgage is being transferred into partners name only.
 
So on what basis do you classify yourself as a first time buyer? You bought/built a property, paid a mortgage, and are now splitting the proceeds of the property. Sounds like you've previously owned a property to me.
 
Yes but the property isn't being sold, I'm just being refunded what I paid into it, there are no proceeds as such. I'm wondering if I'm still classed as a first time buyer due to the house not having ever been in my name?
 
Revenue Stamp Duty leafletSD10A

A ftb is a person who has not on any previous occasion either individually or jointly purchased or built on his own behalf a house............

mf
 
mf1 said:
Revenue Stamp Duty leafletSD10A

A ftb is a person who has not on any previous occasion either individually or jointly purchased or built on his own behalf a house............

mf
Click to expand...

So just to clarify - does jointly purchase (or build) mean that both parties must be on the deeds? Or as in my case, because there was a joint mortgage am I no longer an ftb???
 
Moondance

I think you know the answer to this one yourself.

From Revenue

Consistent with the above approach, Revenue will also be prepared to treat persons other than parents of the first time buyer, who satisfy similar conditions to those set out above, as effectively acting in the role of guarantor for the loan. Their involvement in that capacity will not be treated by Revenue as precluding a claim to first time buyer relief. In such circumstances the conditions are as follows:
The transfer of the house is taken in the name of the first time buyer.
• It is the intention of both the first time buyer and the other person that the other person is not to take a beneficial interest in the house.
• The other person has been joined into the mortgage solely at the request of the lending institution for the purpose of providing additional security for the monies being advanced for the purchase.
• It is not intended that the other person will be contributing to the repayment of the mortgage in the normal course.
The relief from stamp duty is intended to benefit only genuine first time buyers and Revenue will continue to use our audit programme to ensure that there is no abuse of the relief.

You could always try and argue the toss with Revenue. My own view is that you are not a ftb. You were not on the deeds not because you did not believe yourself to be a joint owner but for CAT so that there would be none payable.

mf
 
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