Separation-first time buyer?

Someone i know has asked me if they will be a first time buyer when purchasing a house with the proceeds of a settlement in a separation/divorce case.
The property is 350k. They did not have their name on the deeds of previous properties/land that were owned by the other party to the marriage.
Also at 53 this person is wondering could they get a mortgage for a portion of the property (maybe 30%)for 15years plus and what lender would be best for this?
What stamp duty will they have to pay on this property if they do not qualify as a first time buyer. It is a 2 year old previously owned property. The person is buying it to be an owner occupier.

1. Are they a first time buyer? Do they fit this profile?
A spouse to a marriage the subject of a decree of judicial separation, a deed of separation, a decree of divorce or a decree of nullity in the case of the first acquisition of a house by the spouse following the separation or divorce provided that the spouse had, in relation to the former marital home,
not retained an interest in that home;
Immediately prior to the date of the decree of deed of separation is not beneficially entitled to an interest in a house other than the marital home;
At the date of the decree or deed of separation, the separated/former spouse must also be in occupation of the home which was occupied by both spouses prior to the separation or dissolution of marriage.


2. Can't help on mortgages. They should talk to current bank or other lenders. or talk to a broker.

3. Stamp Duty on an owner occupied non new house value 350K would be approx. 17K

mf

At the date of the decree or deed of separation, the separated/former spouse must also be in occupation of the home which was occupied by both spouses prior to the separation or dissolution of marriage.


I dont understand this part. To gain a divorce/seperation do you not need to live seperately for a certain number of years?

One spouse has to remain living in the property after the separation/divorce, divvy up of assets/formal order/agreement to enable the other get the benefit of ftb. If the house is sold or to be sold, neither spouse gets the ftb benefit.

mf

May I ask? If I have a pre-marital home, and got FTB grant for it, and I retained this property as a rental upon marriage, and then had a different marital home with spouse (ie moved into his home) .... and then I walked away with a settlement and no interest in the marital home ... does this mean that (a) I couldn't get FTB grant, or (b) I could get FTB grant if I sell the pre-marital property prior to a settlement agreement or JS court hearing?
I am just wondering if I sell my pre-marital home PRIOR to settlement, and since I plan to walk away from any vested interest in the marital home, then will I qualify for FTB grant? Because it sounds to me like if I wait till after separation agreement is finalised and then I sell the pre-marital home, then I am NOT entitled to FTB grant.
Could anybody clarify for me? I'd be appreciative. Thanks.

I think you are talking about Stamp Duty - and not the FTB Grant, which has been abolished.

I suspect that if you sell your rental property at any time to try and avail of FTB Stamp Duty pursuant to a Separation, that Revenue would not look kindly on you. They would probably argue that you were not a genuine case.

Even if you could do it, your transaction costs ( selling and buying) also would probably even out any potential benefit.

mf

Money Man, apologies for interrrupting your thread.
MF1 thanks for the reply. You are right, I meant to ask about my eligability for stamp duty exemption. I have to sell my pre-marital home ANYWAY and use the equity to buy a different house for my now extended family size and in a different location, so given that, if I sell it now - prior to sep agreement - then am i eligable to be exempt from stamp duty, because I would then be asset-free at time of sep agreement. Even if revenue would not "look kindly" on it, as you say, is it within the law / regulations? Because wouldn't I fall within the grounds of eligability to be stamp-duty free on the next purchase if I am asset-free at time of sep agreement (which could be another 6-9 mths) and if I walk away from any financial interest in our family home? I'd appreciate your response, and thank you ... very much.
Sudbury.