We can read your mind. We know you're probably thinking, 'What is a first-fourth dimension buyer? That'southward a impaired question!', simply not so fast...all is not necessarily as it seems.

As with near things in life, defining a first-time buyer isn't e'er a black or white matter as at that place are a few shades of grayness in between. First-time buyer status can vary from lender to lender, while the Regime has its own rules yous'll need to meet if you are to qualify for the benefits associated with being a outset-time buyer, such as the removal of stamp duty on the showtime £300,000 of purchases up to £500,000.

So, earlier you head back to Facebook or dig out your favourite cat video, you may want to read on...

The obvious answer

first time buyer definition

Working out who is a first-fourth dimension heir-apparent and who isn't should be piece of cake, but there are certain instances where an individual or couple may think of themselves as starting time-time buyers only to find out that their lender or the Government considers them otherwise.

The obvious answer would be garnered from asking whether or not you lot accept bought a dwelling in the by, only what almost if you are buying as a couple and 1 of you has already bought a home merely the other hasn't? Or if you've owned a shop, or possibly fifty-fifty a home abroad? What about those who take inherited property?

In an ideal earth, the only point of consideration would exist whether you have bought a dwelling house before or you haven't. If you have, you're not a first-time buyer. If you haven't, you are. Things, withal, are a piddling more than complicated than the dictionary definition higher up may lead you to believe at showtime glance.

Instances where you'll unremarkably be accepted every bit a first-time buyer

Let'due south become the to a higher place answer out of the manner first: If you lot are a single person who has never owned a home before anywhere in the world, you volition be regarded as a bona fide first-fourth dimension buyer. Same applies to couples where both partners have never previously bought a home.

What about if you own, or take owned, commercial holding? Proficient news! Providing you've never owned a domicile earlier, you'll qualify for starting time-time buyer status, also. Defoliation abounds over this signal as you lot are effectively a holding owner. Even so, the beginning-time heir-apparent rules apply simply to property used as a habitation, so, if you ain, or have owned, a shop or a restaurant, for example, merely have never bought a dwelling before, you volition indeed be classified as a get-go-time buyer.

The only caveat here is whether or not the commercial property you lot own, or take previously owned in the past, has living quarters attached to it. If it does, you will not be entitled to outset-time buyer status, unfortunately.

Who doesn't qualify as a outset-time buyer?

As we've already ascertained, anyone who has owned a dwelling house earlier will not be eligible for beginning-time heir-apparent status...regardless of whether you actually bought the home or not.

The 'heir-apparent' part of the term first-time heir-apparent tin can be a picayune misleading for those who have inherited holding. They will indeed exist buying for the start time, merely the rules state that you must never have owned a home before, which doesn't hateful the same affair as never having bought one earlier.

Couples looking to buy their first habitation together need to be careful, too. Every bit mentioned above, providing both of you lot haven't owned a home before yous'll be fine, merely if one of yous has, then you will not be eligible.

The same rules employ for anyone lucky enough to have their property bought for them by their parents or anyone else. If the buyers own their own habitation, they will not be able to apply for first-time buyer status through y'all.

Prospective purchase-to-let landlords are out of luck equally well. Even if y'all accept never owned a habitation before, y'all will non be able to take reward of the new Authorities rules on postage duty if you intend to apply the property in question as rented adaptation.

Want to observe out more than?

If you're looking to purchase property in or around East London and West Essex and accept whatever further questions about ownership your showtime home, we're here to help. Our friendly sales team are always delighted to offer any communication yous may need, then give them a call today on:

Wanstead role – 020 8989 2091 or This email address is being protected from spambots. You lot need JavaScript enabled to view it.

Buckhurst Hill office - 020 8504 5403 or This email accost is being protected from spambots. You demand JavaScript enabled to view it.

what is a first time buyer who qualifies and who doesnt