We can read your mind. We know you're probably thinking, 'What is a first-time heir-apparent? That's a dumb question!', just not and then fast...all is non necessarily as it seems.

As with almost things in life, defining a first-time heir-apparent isn't always a black or white affair every bit there are a few shades of grey in between. First-time buyer status can vary from lender to lender, while the Regime has its own rules you'll need to run across if you are to authorize for the benefits associated with beingness a first-time buyer, such every bit the removal of stamp duty on the first £300,000 of purchases up to £500,000.

And then, before you caput back to Facebook or dig out your favourite cat video, you may want to read on...

The obvious reply

first time buyer definition

Working out who is a first-time buyer and who isn't should exist easy, just there are certain instances where an individual or couple may call up of themselves as kickoff-fourth dimension buyers simply to find out that their lender or the Government considers them otherwise.

The obvious respond would be garnered from asking whether or not yous accept bought a habitation in the past, but what about if you are buying every bit a couple and one of you has already bought a dwelling house but the other hasn't? Or if you've owned a store, or possibly even a home away? What about those who take inherited property?

In an platonic world, the only signal of consideration would be whether you lot have bought a home before or you haven't. If you have, y'all're not a first-time heir-apparent. If yous haven't, you are. Things, however, are a little more than complicated than the dictionary definition higher up may lead y'all to believe at offset glance.

Instances where you'll commonly be accepted as a first-time buyer

Let's get the above answer out of the way start: If you are a single person who has never owned a home before anywhere in the world, you lot volition be regarded as a bona fide first-time buyer. Same applies to couples where both partners accept never previously bought a dwelling house.

What almost if you own, or take endemic, commercial property? Good news! Providing you've never endemic a domicile before, you'll authorize for first-fourth dimension buyer status, too. Confusion abounds over this betoken as you are effectively a property possessor. However, the starting time-fourth dimension buyer rules utilise only to property used as a home, so, if y'all own, or have owned, a shop or a restaurant, for instance, but have never bought a home earlier, you lot will indeed exist classified as a outset-time heir-apparent.

The just caveat here is whether or not the commercial holding yous own, or have previously endemic in the past, has living quarters attached to it. If information technology does, you will not be entitled to get-go-time buyer condition, unfortunately.

Who doesn't qualify every bit a outset-time buyer?

As we've already ascertained, anyone who has endemic a home before will not be eligible for first-time heir-apparent status...regardless of whether y'all actually bought the home or not.

The 'buyer' part of the term first-time buyer can be a little misleading for those who have inherited property. They will indeed be buying for the first time, but the rules state that you lot must never have owned a home before, which doesn't mean the same thing as never having bought one earlier.

Couples looking to buy their first domicile together demand to exist careful, too. As mentioned higher up, providing both of you lot oasis't owned a home earlier you'll be fine, merely if one of yous has, then you will not be eligible.

The same rules use for anyone lucky plenty to have their property bought for them by their parents or anyone else. If the buyers own their own home, they will not be able to apply for first-time buyer status through you.

Prospective purchase-to-allow landlords are out of luck as well. Even if y'all have never endemic a home earlier, yous will not be able to take advantage of the new Government rules on stamp duty if you intend to use the property in question as rented accommodation.

Desire to find out more than?

If y'all're looking to buy property in or around East London and West Essex and take whatsoever further questions near buying your first home, we're here to aid. Our friendly sales team are ever delighted to offer whatsoever advice you may demand, so give them a telephone call today on:

Wanstead office – 020 8989 2091 or This electronic mail address is being protected from spambots. You need JavaScript enabled to view information technology.

Buckhurst Hill office - 020 8504 5403 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

what is a first time buyer who qualifies and who doesnt