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NOT a first time buyer - AAAAGH!
Comments
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So you are not a first time buyer but are upset you dont get treated as a FTB...
This is a wind up isnt it...0 -
buckfast67uk wrote: »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
Which you will need to do, as these schemes are total !!!!!!!!.0 -
I had been previously told that a FTB constituted someone with no house to sell and lived in rented property (or with parents) and as I fell into that bracket I thought I was ok - yes I was naive not to look into it further at the time but now I know the deal I am happy to accept it and pay the stamp duty but just feel a bit sorry for my partner who is a genuine FTB and just wish there was a discount or exemption in that case.
I love how some people are just so 'helpful' on this forum! Thanks to the people who actually gave useful advice.0 -
Whoa lighten up everyone, I think the OP has got the point, they came on for advice and the replies have descended into outright criticism. This is a money saving site after all, and the poster has probably been put off asking any questions again...
OP I bought 12 years ago as FTB with ex partner, and bought again in 2009 with husband, I was classed as FTB, so I imagine it comes down to time that has elapsed. Good luck in your new place and enjoy being a home owner!
:):)
Little Sweetpea born 12th July 2011:):)
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As someone who has sold to rent, this is very interesting to know.
Alas, if I decide to buy again, I certainly wouldn't be able to afford anything over the £125k stamp duty threshold so it shouldn't affect me anyway...unless the threshold is reduced in the forthcoming budget.Generation Rent0 -
Whoa lighten up everyone, I think the OP has got the point, they came on for advice and the replies have descended into outright criticism. This is a money saving site after all, and the poster has probably been put off asking any questions again...
OP I bought 12 years ago as FTB with ex partner, and bought again in 2009 with husband, I was classed as FTB, so I imagine it comes down to time that has elapsed. Good luck in your new place and enjoy being a home owner!
I think whether you're classed as an FTB or not depends on who is doing the classifying! If you've owned before but don't own anything now, mortgage providers may consider you eligible for FTB mortgage products. That's their decision. But for the stamp duty exemption I believe the pertinent question is whether you have ever owned before. There is no time limit. You could try lying to HMRC if you wanted to be prosecuted for tax evasion....0 -
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
Don't the names on the deed need to match the names on the mortgage? I didnt think you could do this.0 -
We had this problem last year.. i had bought many but my wife was a first time buyer..What we did was put her name on the deeds for six months then the solicitors changed it after six months via the land reg..we were cash buyers so did not have to argue with a bank over it..solicitors had no problems at all with this deal...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
They make you sign a form (I did it about 8 weeks ago) saying you've never owned a house/ property/ land out right or a share ever. There was no 'in the last 10 years' or time cap.[STRIKE]£2200[/STRIKE] [STRIKE]£1950[/STRIKE][STRIKE]£1850[/STRIKE] £1600 on my credit card
£1200 of £6000 Savings0 -
poppysarah wrote: »Buy a cheaper house = no stamp duty.
Can someone remind me of the current level for no stamp duty and the bands or rates or whatever.
TIA0
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