1st time buyer purchasing with non 1st time buyer...

R

richdylan2

Guest
I am not a first time buyer looking at purchasing a property with a first time buyer. What are the stamp duty implications of this? If we are putting in the same amount of money can we avail of one of first time buyers stamp duty exemption? What if it is purchased completely in his name and I simply release equity in my home to give to him? Can anyone shed some light on this for me?
 

Brendan Burgess

Founder
Messages
41,753
Check out if your friend buys the house himself and then sells you half of it. I don't know if this would meet with the approval of the Revenue.

Are you buying as an investment or will the house be your home?

If it will be your home, you could buy a new house and there would be no stamp duty.



Brendan
 
M

mollser

Guest
"Check out if your friend buys the house himself and then sells you half of it. I don't know if this would meet with the approval of the Revenue. "

Brendan, the friend will get the stamp duty relief on the initial property purchase. However, on selling half to RichDylan, Rich would have to pay full rate stamp duty on that half, due when the deeds are stamped.

In order for the purchaser to retain his stamp duty relief, he must live there and retain ownership for a period of 5 years, so therefore he will also become liable to pay the full stamp duty.

Sorry, Rich, ain't gonna work ;)
 
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