Buying house but name on deeds of parents' house

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firsttimebuy

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Hi

I hope somebody can help as my mortgage broker is not sure of my status as a first time buyer. Basically my sister and I are looking to buy a house together, both of us are first time buyers or so we thought. My parents put our names on the deeds of their house along with my brother a few years ago. So we each own a 1/3 share of the house. What is our status, are we sill considered first time buyers? Will this affect us getting a 100% mortgage? Any advice would be great.
 
Depends on when the transfer into your names was done. I think if it was before 2000, you may still be classed as a ftb.
 
Yes, if you received a gift of a house or part of it pre- 2000, you still qualify as a first time buyer- see the revenue website ( www.revenue.ie)=

Can I avail of first time buyer relief if I previously received a gift of a house? The relief can be claimed where the gift of the house was received prior to 22 June 2000 (or prior to 27 June 2000 in the case of part of a house). A gift received after the above date(s) is regarded as a prior purchase and would preclude a person from claiming the relief.
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I just had a look on the revenue website what is the difference between 'gift' and 'inheritance' of a parents house to their child?
 
A gift is given/received whilst the donor is alive
An inheritence is given/received when the donor dies

Otherwise little difference from a revenue viewpoint, apart from the 3,000 euro annual allowance of a gift with no CAT liability
 
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