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help with my situtation please

helptavner
helptavner Posts: 5 Forumite
in House buying, renting & selling
Hiya all...newbie to the site! never posted before! obviously today the budget have said that all properties purchased by first time buyers up to 250k no tax is paid!

I spoke to my solicitor about this and at the moment they cant answer my question! i own my house that is up for sale ! (exchanging next month all being well) i own my house currently but i didnt buy it! i was given it some years back - previously belonged to my sister and i owned hers! and we exchanged deeds (paid for this) so i now own the property i am selling / sold (deed in my name)

do i still have to pay stamp duty - obviously with the news today i wont want to!! ??

ive never bought a property..so i must be a first time buyer right? (when i buy a new one)

thanks in advance!!:D

Comments

  • James_N
    James_N Posts: 1,090 Forumite
    Part of the Furniture 500 Posts
    helptavner wrote: »
    Hiya all...newbie to the site! never posted before! obviously today the budget have said that all properties purchased by first time buyers up to 250k no tax is paid!

    I spoke to my solicitor about this and at the moment they cant answer my question! i own my house that is up for sale ! (exchanging next month all being well) i own my house currently but i didnt buy it! i was given it some years back - previously belonged to my sister and i owned hers! and we exchanged deeds (paid for this) so i now own the property i am selling / sold (deed in my name)

    do i still have to pay stamp duty - obviously with the news today i wont want to!! ??

    ive never bought a property..so i must be a first time buyer right? (when i buy a new one)

    thanks in advance!!:D

    I think the bad news is that you are a landowner, whether you bought it or were given it. And therefore are not a FTB.
    Under no circumstances may any part of my postings be used, quoted, repeated, transferred or published by any third party in ANY medium outside of this website without express written permission. Thank you.
  • superfran_uk
    superfran_uk Posts: 1,121 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    I think you've already had your share of good luck what with being gifted a house...
  • Milliewilly
    Milliewilly Posts: 1,081 Forumite
    If you exchanged deeds and paid for this then there will be a record of a transaction with the Land Registry even though you technically didn't 'buy' it. You would need proper legal advice but I suspect the answer will be no.
  • helptavner
    helptavner Posts: 5 Forumite
    i thought as much :( oh well thanks
  • helptavner
    helptavner Posts: 5 Forumite
    in ref ..not really totally what happened in my case but similar

    Q7. Can I get relief if I have previously owned an inherited property?
    A. No. In this case a person will previously have acquired a major interest in a residential property.
This discussion has been closed.
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