NOT a first time buyer - AAAAGH!

casper_g

Scrammer wrote: »

Can someone remind me of the current level for no stamp duty and the bands or rates or whatever.

TIA

Here you are.

alezzandro

K_and_N wrote: »

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.

as far as I know, if you are in the mortgage to buy a house, it means you are buying a house, which means you are not FTB and you have to pay the stamp duty. I suggest you check with your solicitor, not with your bank.

what you could do is to take a longer-term mortgage only on one name and then pay, on a monthly basis, a higher rate, assuming you are allowed to do so without penalty.

K_and_N wrote: »

Of course I will have less rights on the property but since I have no problem with it we'll be exploring this option.

I had been told that in case of separation if you go to court you might still have rights on the house if you prove that you have contributed to paying for it, for example, with statements from the bank that show transfers of money.

But this, of course, would need to go to court, because the house wouldn't be yours until a judge says so.

ps: please, double check all of the above with a lawyer, because I am not.

LudaMusser

I`m in a similar situation. I`m a FTB and because my fiancee has a bad credit rating the only way we could get a mortgage is by me and my dad getting the mortgage, my fiancee is`nt on it at all.. I`m buying a house for £148,500 so I will have to pay £1485 stamp duty (1%)

mermaid85

I'm in the same situation - I bought at 18, sold at 19 due to relationship ending, and couldn't afford to buy again then being a single mum working part time. However, having visited a mortgage broker this week, I have been told that many lenders will consider you a FTB is you haven't owned a house in the last 3 years.

Danni-R wrote: »

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.

If your parents have been living in, and owning that property ever since, it's not the same thing at all. They have equity in the house and haven't left the property ladder. In the case where people have been renting for years, they are in the same situation as anyone who has bought before. Other than the previous experience which doesn't always count for much, when the housing market has changed so much.

Danni-R

But the legal form that you sign to show that you dont pay stamp duty states if you have ever.

Whether or not the banks will treat you as a FTB is different. The Stamp duty was the issue.

mermaid85

Sorry my bad. Stamp duty is fair enough, although I do agree it should be the same for everyone. But how many FTB can afford much over the threshhold anyway - bit pointless in most cases I think

Enfieldian

squ1rrel5 wrote: »

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

Err. I think you said everything there.

ViolaLass

casper_g wrote: »

Here you are.

WISH I could thank this more than once. :rotfl: