When is a first time buyer not a first time buyer?

CG77

Just hearing the news of the stamp duty cut for first time buyers. But what’s a first time buyer in this case? Someone who’s never owned property? Or someone who’s buying a house that will be the only only they own at present? I’m hoping it’s the latter, as I know stamp duty has always been about ‘first home’ or ‘second or subsequent homes’ type thing.

Any ideas?

Lysimache

It says first-TIME buyer rather than non-homeowners.

So it'll be former.

davidmcn

Nobody knows until we see the legislation. But the last time there was a FTB concession it meant "somebody who had never owned property anywhere in the world".

Obigibo

Im in the same boat - I have previously had an owned interest in a property in the past (half the family house, transferred from my Mother, now sold) but I have never BOUGHT a house - this is my first time. Would I be classified as a first-time buyer? We are due to exchange in a few weeks, when might this legislation be cleared up by?

Time2go

Legislation is already up and Feb is someone that has never owned an interest in any property worldwide including inheritance.

Thrugelmir

davidmcn wrote: »

Nobody knows until we see the legislation. But the last time there was a FTB concession it meant "somebody who had never owned property anywhere in the world".

Being the operative word.

badger09

Obigibo wrote: »

Im in the same boat - I have previously had an owned interest in a property in the past (half the family house, transferred from my Mother, now sold) but I have never BOUGHT a house - this is my first time. Would I be classified as a first-time buyer? We are due to exchange in a few weeks, when might this legislation be cleared up by?

If half (or whatever %) of your mother's house was transferred to you and you subsequently sold your share, you are not classed as a first time buyer

If your mother's house was sold and you received half (or whatever %), and have never owned or had an interest in a property anywhere in the world, then you are a FTB.

Obigibo

So it would seem I do not qualify as a First time buyer, even though this is the First Time I’m Buying. Thanks government!
However, I am purchasing the property with my wife, 50/50, and she has never owned any portion of a property - so can her half of the purchase be exempt from stamp duty?

Niv

Obigibo wrote: »

So it would seem I do not qualify as a First time buyer, even though this is the First Time I’m Buying. Thanks government!
However, I am purchasing the property with my wife, 50/50, and she has never owned any portion of a property - so can her half of the purchase be exempt from stamp duty?

No, afraid not.

ashe

Can also relate. Paid no stamp duty when buying my current house for 80k ten years ago. its since depreciated rapidly (area gone down hill, up north) and its on the market for 63k and getting offers around 55k so depressing. House we are looking to buy is 200k, so we are looking at a decent chunk of stamp duty, girlfriend has never owned a house but as I've got this house I get no benefit, despite not benefiting from any relief before.

Can see why, but still depressing.

SB85

Is it any different if you are on a mortgage for a business that has living accommodation i.e. a hotel? Are you still a first time buyer of a home!?

Thanks