First Time Buyers status query.

[Cailin]

My husband and I are in the process of buying a 2nd hand apartment in Dublin (€260k, < 125sqm) which will be our PPR. Both of us are first time buyers. However, my husbands parent are dead and he inherited their home & land (down the country), this was over 10 years ago. From what I've read on OASIS I think we both qualify as FTBs as he hasn't actually purchased a property. Our solicitor has told us that we are liable for stamp duty. We haven't gone back to him to discuss this yet but I just wanted to see if anyone else has been in a similar situation this before we do. Thanks!

 

[ClubMan]

I also assumed that one had to have purchased a property to lose one's FTB status. You should definitely query this with your solicitor and maybe ask Revenue for information too. Their summary guide to SD says:

WHO IS A FIRST TIME BUYER?

A First Time Buyer is a person, (or, where there is more than one purchaser, each of such persons):

• who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and
• ...
• ...

but this, after all, only a summary and not an authoritative reading of the underlying legislation.

For what it's worth, from the point of FTB rates of mortgage interest relief the important thing is that one has never previously had a mortgage as far as I know. See [broken link removed]:

By “first-time buyer” we mean an individual not previously entitled to relief in respect of interest paid on a loan used for the purchase, improvement, etc of a sole or main residence (a qualifying residence).

and also:

Replacing Inherited “Qualifying Residence”

Where an individual inherits a house, uses it as a first qualifying residence, sell it and purchases another qualifying residence financed by a mortgage, the individual is a first-time buyer for the purposes of mortgage interest relief on the new qualifying residence.

 

[Petal]

I read about this before. On the revenue webpage it says:


Can I avail of first time buyer relief if I have previously inherited a house? Yes. An inheritance is not regarded as a previous purchase and the first time buyer relief can be claimed provided all other conditions of the relief are satisfied.

 

[ClubMan]

OK - just found [broken link removed] which looks positive from your point of view and looks like your solicitor is wrong - but make sure to double check because I am not a tax expert!

Can I avail of first time buyer relief if I have previously inherited a house?

Yes. An inheritance is not regarded as a previous purchase and the first time buyer relief can be claimed provided all other conditions of the relief are satisfied.

Post crossed with Petal's.