Am I considered a first time buyer?

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Found 22nd Nov 2017
Hello, following the budget announcement today, I am looking to sell a property I own 50/50 with my parents which is currently being rented out in order to fund a property for myself. Am I considered a first time buyer in this situation? Thanks!
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In a word - no .
10 Comments
In a word - no .
No, you most definitely are not a first time buyer anymore. Sorry!
No and if your planning on keeping the 50% of the property you already own you will have to pay 3% extra stamp duty as you will be purchasing a second property. Also you and your parents maybe liable to pay capital gains tax on the property your renting out when you sell it on
Seriously?
Have you been involved in the purchase of any properties previously?
ipswich783 h, 39 m ago

Have you been involved in the purchase of any properties previously?


No I havent
Thanks for the help all
paza12322nd Nov 2017

No I havent


But you own 50% of a house

therefore you’re a homeowner and ineligible for first time buyer incentives.
You must not be on the deeds for any property in UK or abroad, and not have been for the last 3 years to qualify as a first-time buyer.

As said above, this will likely be classed as a second property and liable to an additional 3% stamp duty. However once you have your own 'primary residence' you can then move house and would not be liable to 3% additional SD when changing your primary home.
Edited by: "delusion" 23rd Nov 2017
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