Stamp duty exemption

Legacy_user

Hi,

I'm looking to get onto the ladder with a shared ownership property. Lenders will not lend me the full amount for the share I would like therefore I would need to get a mortgage with my mother. As my mother has owned a property in the past, she isn't eligible for First Time Buyer Relief. Is there any way, maybe as tenants in common, to claim relief?

Thanks,
Dan

SDLT_Geek

If your mother has any share in the property at all then first time buyers relief from SDLT is not available.

It might be possible to get a joint borrower sole owner mortgage.

Note that to get the relief on a shared ownership property you would need to elect to pay SDLT on the market value(rather than on the value of the share you acquire).