FTB -query

Hi there,

My partner and I became interested in a second hand home about 18- months ago and eventually ended up successfully securing it.

The issue of FTB arose surrounding the stamp duty - he was not a FTB, while I was. We are unmarried and have a child.

My partner said he did not want me to lose my FTB's incase we needed it for a future larger purchase or in the case that we broke up and I would be left with out it.

So, he sought legal advice and the solicitor said: If I was on the mortgage BUT NOT THE DEEDS - I would retain my FTB. (The Solicitor also said that for me to use it for a future purchase, I would need to get a mortgage solely in my own name). Based on this advice, we proceeded - with his name solely going on the deeds and we BOTH took out the mortgage.

Since, I mentioned this to a friend of mine who specialises in property & land law and she has said to me this is NOT the case - that once you take out a mortgage you have lost it.

So - no name on deeds, just on mortgage - have it or lost it!!?

Sounds to me like you have lost it. You are on the Mortgage, so the money used to pay for the house was on behalf of you and your partner and therefore you will no longer be a FTB should you ever purchase a further property.

Deas, thanks for your reply - appreciate it.. This was what I originally said, but was assured this was not the case. I really want to know, purely to go back to Solicitor if we were advised incorrectly.

Aoife said:

Deas, thanks for your reply - appreciate it.. This was what I originally said, but was assured this was not the case. I really want to know, purely to go back to Solicitor if we were advised incorrectly.

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Revenue have very clear guidelines on this issue and they have been well flagged in the media. I would be surprised if a solicitor gave that advice. Do you have it in writing?

If yes, what course of action would you like the solicitor to follow?
If no, is it possible that you both chose to mis-hear the advice you say you were given?

This is not a personal criticism - but far too often, clients disremember things when it suits them.

mf

Hi mf1 - thanks for your reply.

We have this in writing from our solicitor - she spent several weeks checking it out, as we were very sceptical. I am unsure of the next course of action - but I do want to bring it to the attention of the solicitor.. as she does a lot of work for us. Thanks,
A

So presently as a couple you are not FTBs so are not getting the FTB mortgage interest relief. And you paid stamp duty on the purchase.

I am interested to know why at the time of the purchase of the house, you would not do it the other way around, as it would have made more sense financially. YOU would have your name solely on the deeds so that you could receive the big FTB mortgage interest relief and then have both of you on the mortgage.

Who's to know what will change in relation to stamp duty and FTB interest relief in the future.

Your partner is very considerate to think of the situation where you might split up and you might need it!!
Were you envisaging that you would be trading up to a larger property in the future and so could rely on your FTB status then??