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Can my son be considered a first time buyer?

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  • Can my son be considered a first time buyer?

    Hi, my son inherited my late mother-in-laws house, and myself and wife manage that for him. My wife has grant of probate and is sole executor of her mums Will.
    He's already reached the age at which the Will stated the property would pass to him (23), but he's currently busy with Uni. We let out rooms to pay the bills, but we haven't got around to transferring the deeds into his name yet. It's not a house he'll ever live in, the plan is to develop the property then sell.
    But that's secondary priority.
    Initially he would like to buy a property with my help local to his Uni, part reason to save on renting and also as a property development investment which he'll then sell on once Uni is done.

    Can he be considered a first time buyer?
    Many thanks
    Paul
    Tags: None

  • #2
    The exact question will depend upon the exact context of thew question as and when it arises.

    Your duty is to transfer the house into his name and let him get on with it. That is what you have sworn an oath to do. Every step you take away from this asks for trouble (thus your question). Once it is in his name he can come back to you for, and you can give, as much help as you alll agree is appropriate

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    • #3
      First time buyer regarding receiving Govt funding or?

      Comment

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