Dear all,
This is another post about first time buyer eligibility.
I own a residential property of the value of 20.000 euros in Italy plus a small agricultural plot. The property has been abandon for 15 years or so. On the Italian land registry there is my name but there is a private writing or kind of wills that says that upon sales of the property proceedings must be go to my childrens or nephews if I don’t have childrens for studies only purposes. In Italy you can have a private contract without the stamp of authorities.
I don’t live and never had lived in this property. This property is neither water right nor habitable since there is no kitchen no toilet. It was passed to me from my parents to avoid us the burden or inerithance upon death.
I have read the manual and understood that first time buyer are anyone who don’t have a major interest in a property where the major interest is any freehold or leasehold. How much is the major interest is not clear despite is specified as 40k limit for the case of the extra charge.
I understood that relief is not denied if the first time buyer own non residential or mixed use land. This is a bit controversial has my understanding is that you can own 10 billions of forest but not a scrap residential property.
I asked HMRC to clarify and they told me to write a letter to the Birmingham office since they are not allowed to give advices over the phone. They said if you read the manual and is still not clear then is your problem....
My solicitor insists that I am not a first time buyer as if I sell I am the beneficiary even though I told them that I can’t use the money for me. the bank says I am for this specific reason.
Anyone can help on this matter?
I have no clue how to work out this situation.
Best
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