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  • FIRST POST
    • James9046
    • By James9046 8th Jan 18, 12:36 PM
    • 5Posts
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    James9046
    Am I a first time buyer?
    • #1
    • 8th Jan 18, 12:36 PM
    Am I a first time buyer? 8th Jan 18 at 12:36 PM
    Hi Everyone

    I have a problem. My partner and I were hoping to take advantage of lower stamp duty for FTBs. Unfortunately her father had 'some problems with the government' when she was 18 (now 33) and bought a 2nd mountain home (jumped up shack) in France (she is French) in her name and had her sign for it. She has never derived any benefit from signing for this property, but does this make us unable to apply for the FTB stamp duty offer?
Page 1
    • marliepanda
    • By marliepanda 8th Jan 18, 12:55 PM
    • 5,036 Posts
    • 10,211 Thanks
    marliepanda
    • #2
    • 8th Jan 18, 12:55 PM
    • #2
    • 8th Jan 18, 12:55 PM
    She is not a first time buyer, as she has a property.

    More worryingly for yourselves, if the French property is worth more than 40k you will have an extra stamp duty surcharge applied for a second home...

    I'd be contacting said Father and asking him to pay up, considering he must have got some benefit or he wouldn't have made your partner do this.
    Survey Earnings 2017 - £163
    • James9046
    • By James9046 8th Jan 18, 1:09 PM
    • 5 Posts
    • 0 Thanks
    James9046
    • #3
    • 8th Jan 18, 1:09 PM
    • #3
    • 8th Jan 18, 1:09 PM
    Thanks MarliePanda

    Kind of thought this might be the case. Unfortunately contacting the father is not going to help us, he's got no money! On the plus side I doubt it's worth more than £40k, pretty undesirable location and pretty much a pile of rubble with a bed inside.

    I've just googled something called joint borrower sole proprietor which could help us, do you know anything about that?
    • aneary
    • By aneary 8th Jan 18, 1:22 PM
    • 869 Posts
    • 792 Thanks
    aneary
    • #4
    • 8th Jan 18, 1:22 PM
    • #4
    • 8th Jan 18, 1:22 PM
    Are you married to your partner?
    • James9046
    • By James9046 8th Jan 18, 1:25 PM
    • 5 Posts
    • 0 Thanks
    James9046
    • #5
    • 8th Jan 18, 1:25 PM
    • #5
    • 8th Jan 18, 1:25 PM
    Hi Aneary.

    Yes I am.
    • aneary
    • By aneary 8th Jan 18, 1:30 PM
    • 869 Posts
    • 792 Thanks
    aneary
    • #6
    • 8th Jan 18, 1:30 PM
    • #6
    • 8th Jan 18, 1:30 PM
    Hi Aneary.

    Yes I am.
    Originally posted by James9046
    Then you are one unit and both own the house as far as the HMRC are concerned.
    • James9046
    • By James9046 8th Jan 18, 1:46 PM
    • 5 Posts
    • 0 Thanks
    James9046
    • #7
    • 8th Jan 18, 1:46 PM
    • #7
    • 8th Jan 18, 1:46 PM
    Wonderful! Maybe we should get divorced!
    • kingstreet
    • By kingstreet 8th Jan 18, 2:14 PM
    • 32,637 Posts
    • 17,566 Thanks
    kingstreet
    • #8
    • 8th Jan 18, 2:14 PM
    • #8
    • 8th Jan 18, 2:14 PM
    I've just googled something called joint borrower sole proprietor which could help us, do you know anything about that?
    Originally posted by James9046
    No use for married couples for SDLT avoidance.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • SDLT Geek
    • By SDLT Geek 8th Jan 18, 5:02 PM
    • 80 Posts
    • 55 Thanks
    SDLT Geek
    • #9
    • 8th Jan 18, 5:02 PM
    • #9
    • 8th Jan 18, 5:02 PM
    It is more complex than saying spouses are treated as a single unit! If:


    the new property is genuinely acquired by you alone with your spouse having no share and if
    the property your spouse owns is worth under £40K
    then first time buyer relief can apply.


    It depends on a detailed reading of the legislation though and you will not find the HMRC guidance of that much help.
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