First time buyer Questions

tom.uk

Hello I have two questions,
I have inherited 5% of a house (I am on the deeds/land registry)

1. I presume anything I saved in my Help to buy ISA I can no longer get the bonus on?

2. I am looking at buying the other 95% of that property am I classed as a first time buyer in terms of not having to pay stamp duty?

SDLT_Geek

It is an oddity of first time buyers relief for SDLT that someone who has inherited a share in a dwelling (so long as the property interest has vested in them already) is no longer a first time buyer, even if buying a further interest in the same property.

At least the higher rates of SDLT (the 3% surcharge) should not bite, as that looks at whether you have an interest in another dwelling. Assuming that is that there are no complications such as a property owned by a spouse, a child or held in trust for you.

tom.uk

So am I correct in saying I would still have to pay the 2% SDLT 125k+ duty?

Looking at the following resource a first time buyer is defined as someone with a major interest in a property. Surely 5% isn't classed as major? Can't seem to find any clarification on this.

assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/661728/8274_guidance_note_SDLT_relief_for_first_time_buyers.pdf

Thanks for the reply

DCFC79

The link here explains the first time buyer rules.


https://forums.moneysavingexpert.com/discussion/5845397/can-i-open-a-help-to-buy-isa-am-i-a-first-time-buyer&highlight=first+time+buyer