Sold house 5 years ago, am I now a first time buyer?

U

Unregistered

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Due to major financial trouble we sold our house 5 years ago made a nice profit, paid off the mortgage and all other debts, moved into rented accommodation and learned a valuable lesion about buying when someone else (parents) think your ready.

We now thankfully have a clear credit rating, no credit cards or loans and a few bob put away for the deposit, my question is – will we be consider first time buyers?
 
Not If You Bought A House In Both Your Names Before
 
The reason I asked is most application forms I have come upon have the following options
1. first time buyer
2. moving your mortgage
3. buying a bigger house
4. topping up
5. investing

I’m not sure where we fit in?
 
I think you come under the heading of "other" i.e. bought before, sold and now coming back into the property market.

You will not be thought of as a first time buyer.

mf
 
Thanks, I was a little unsure about my status and didn't want to sound silly ticking the wrong box.
 
Unregistered said:
we sold our house 5 and learned a valuable lesion about buying when someone else (parents) think your ready.
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Good point about learning a valuable lession. I'm a FTB and I get the feeling if I proceed in the current market I'm about to be taught a lesson too !

Definitely seems to be a change in sentiment in the air

[broken link removed]
 
This is Revenue's view of FTB :

Who is a first time buyer?

A first time buyer is a person, (or, where there is more than one buyer, each of such persons):

who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and

where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence and

where no rent, other than rent under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.
 
Thanks Wizard Dr for the Revenue's view of FTB, sorry for the late reply, was unable to get internet access.

I think that now answers my question, we bought the house in Feb 1999 and sold it in March 2001 so it was only in our names for 25 months, therefore if I understand the quote above we will now qualify as first time buyers…correct?
 
Why do you think that you are a FTB based on what WizardDr posted? You are not a FTB as far as I can see. You must meet all of the conditions listed above in order to qualify as a FTB - not just one of them.
 
WizardDr said:
This is Revenue's view of FTB :

Who is a first time buyer?

A first time buyer is a person, (or, where there is more than one buyer, each of such persons): who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence and where no rent, other than rent under the rent-a-room-scheme, is derived from the property for five years after the date of the current purchase.
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I think I’m getting that impression because we did not own the property for 5 years, am I reading it all wrong……………..
 
No - that's irrelevant. If you bought a house before then (except in limited circumstances such as divorce/separation) you will never again be a FTB.
 
Ah well, its back to saving more money so, as now we need an extra €14,000 for stamp duty, but it was worth a try...............
 
Mind you I think the Revenue are total cads on this one, particularly if anyone lived in poor accommodation e.g. a 'flat' in Bulgaria which the state gave you..means you fall foul of this.

I must highlight the deviousness of Revenue on this one.
 
WizardDr said:
Mind you I think the Revenue are total cads on this one, particularly if anyone lived in poor accommodation e.g. a 'flat' in Bulgaria which the state gave you..means you fall foul of this.
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Perhaps not - as far as I know a non FTB is somebody who has previously bought a property. If they owned a property which they never actually bought then I think that they are still a FTB.
 
WizardDr said:
Mind you I think the Revenue are total cads on this one, particularly if anyone lived in poor accommodation e.g. a 'flat' in Bulgaria which the state gave you..means you fall foul of this.

I must highlight the deviousness of Revenue on this one.
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Are there many Irish house purchases who were previously given flats by the Bulgarian state?
 
Well the issue is this.. many of the needed migrant labour arriving in this parish may well have been 'home owners' and as we all know, this migration is similar to the Irish march since 1820 to date to the US and UK. I know how 'we' would feel about it if they applied that type of rule to us.

I simply think that way some of these rules get translated by Revenue requires some review.
 
I would agree with there being an argument for reviewing these rules. In fact I believe that FTB benefits should be abolished (like the FTB grant) and both FTB and non FTB owner occupiers treated exactly the same. The existing FTB rules with regard to taxation (stamp duty and mortgage interest relief) simply skew the market and militate against non FTBs trading up/down and creating more liquidity in the market.
 
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