2 people buying incl. 1 first time buyer..

S

shell_75

Guest
My boyfriend and I intend purchasing a house pretty soon.
I am in the process of selling the property in which I’m living at present.
He however is a first time buyer.
I will be putting up all the deposit from the sale of my apt. and we will be drawing up a contract between us but is there any way of avoiding stamp duty seeing as one of us is a first time buyer?
 
If your boyfreind only is on the deeds, you may be able to avoid stamp duty.

Whether this is

(a) possible; or
(b) advisable

is another matter entirely.

You could avoid stamp duty by buying a new property if the floor area is less than 125 square metres.
 
If the application goes through as 2 on mortgage and one one title, i.e. your boyfriend, to avoid SD won't you want to go on title at a later stage?

If so then there may be tax implications so talk to your solicitor.
 
Buy a new build 0- this should solve your problem
 
From the [broken link removed] for First Time Buyers

What is the position where a person, being a first time buyer, purchases a house using the proceeds of the sale of a house owned by their spouse or partner who is not a first time buyer?

Where a person who is a first time buyer uses the proceeds of the sale of the house they previously occupied which was owned solely by their spouse or partner to buy a house solely in their own name, first time buyer relief would not be available as the spouse or partner (not being a first time buyer) would be providing the purchase monies for the house.
Click to expand...
 
Great, thanks for the info.
Funnily enough in the property section of the Times today, a woman had the exact same problem.
I guess there's no getting away from stamp duty, as there are a few factors to consider and it looks as if bOth persons will have to be on the deeds for my protection and the protectionof the mortgage company (although I would have drawn up a contract..).
We already know the house we want and it's not a newbuild.
 
shell_75 said:
I guess there's no getting away from stamp duty, as there are a few factors to consider and it looks as if bOth persons will have to be on the deeds for my protection and the protectionof the mortgage company (although I would have drawn up a contract..).
Click to expand...

I think the existence of a contract would be considered as a "beneficial interest" on your part in any case, regardless of whether you are on the deeds/mortgage or not.
 
You must log in or register to reply here.
Back
Top