NOT a first time buyer - AAAAGH!

squ1rrel5

Well this is annoying - I am buying a property with my partner. We do not have a house, we are in rented accommodation - have just about scraped enough money together for a small deposit and assumed we would be classed as FTB's. But because I have previously owned a house - more than 5 years ago, we are exempt from the FTB category and have to pay stamp duty on our new house which we thought we didnt have to!!!

The house I owned was with my ex husband who left me - we had to sell the house and the very small profit that I got from the sale basically paid for the divorce proceedings so all in all I came away from the marriage/house sale with nothing.

So basically we are in the same position now as any FTB (my partner is a fully fledged FTB but is being penalised by my very annoying past!)

Surely something that trivial shouldnt affect us - I know it does and theres nothing that I can do about it - just felt like a little rant to let off some steam!!

poppysarah

Buy a cheaper house = no stamp duty.

Tigsteroonie

squ1rrel5 wrote: »

So basically we are in the same position now as any FTB (my partner is a fully fledged FTB but is being penalised by my very annoying past!)

Surely something that trivial shouldnt affect us - I know it does and theres nothing that I can do about it - just felt like a little rant to let off some steam!!

I would agree, I think it's really unfair that when the relationship has one FTB and one not, they cannot claim any of the FTB perks. This will our situation too.

sonastin

I agree that the FTB exemption is unfair. If you can afford the house, you should pay the tax - or no one should pay the tax. Singling out FTBs is arbitrary and unnecessary.

K_and_N

We are in the same situation but luckily we always assume that we have to pay stamp duty and budgeted for that.

However HSBC told us last week that if we have only OH name on the deed (he's FTB) we don't need to pay stamp duty even though I'll be on the mortgage jointly. Of course I will have less rights on the property but since I have no problem with it we'll be exploring this option.

It'll be nice if we could save a couple of thousand...:)

K and N

betmunch

Why did you assume that you were a First Time Buyer if this would have been the second house you owned?

I agree with Sonastin I'm afraid, Its one rule for one and one rule for another and isnt fair.

ruggedtoast

I have the same problem as I was on the title of a property passed down when a relative died.

Mortgage broker said no lender would consider advancing funds to someone who wasnt on the deed as well so we forgot about it.

Catatonia

First time buyer = someone buying a house for the first time. I don't see that previously buying a house is 'trivial'; it means that you do not fit the definition. It's not really a difficult concept, is it?

buckfast67uk

You could cut the costs in half by paying a firm to mitigate the stamp duty. It's tax avoidance - which is legal - but i would always keep the money aside just in case you need to pay it back some day

johnthebar

If your partner has the right salary multiples to apply for the mortgage by himself then you don't need to pay any SDLT as he is a first time buyer. Do everything in his name and get your solicitor to draw up a deed of trust to protect your financial interest in the property.

If you can't do this then pay the tax.

Danni-R

I'm with everyone else I'm afraid.... FIRST time buyer.... its in the title. Using your argument my folks could by a house and ask not to pay SD as they bought their house 24 years ago which is even longer than 5 years ago.

I wouldnt recommend avoiding it as what you pay in SD you'd be paying for in legal fees to protect your money.