First Time Buyer - Status?

[danb]

Hello Community!

I have a query regarding my FTB status.

I have never purchased any property.

In 1996, I along with a family member jointly inherited a property - we currently own this property. Family member doesn't have preference on the future of the property and affords me full power on future direction for the property.

For the past 10 years we have given the use of this property to an extended family member who has now decided to vacated the property.

In addition, I am in the process of buying my first home.

Two Questions:
1) As I inherhited this house, I understand that I still qualify as a FTB - is this correct?

2) If I now choose to live in the inherited property for a period (<12/24months) and then decide to purchase a property, do I still qualify for FTB status?

Thanks in advance,
Dan B

 

[ClubMan]

1) As I inherhited this house, I understand that I still qualify as a FTB - is this correct?

Yes - as far as I know.

) If I now choose to live in the inherited property for a period (<12/24months) and then decide to purchase a property, do I still qualify for FTB status?

Yes. Although if you use any of your 7 year preferential FTB mortgage interest relief period while living there then you will just have the remainder left when you move to another PPR. However you should be a FTB for stamp duty purposes when the time comes to buy.

 

[danb]

Thanks