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Stamp Duty for First Time Buyers

CallumTurner
CallumTurner Posts: 7 Forumite
in House buying, renting & selling
Hi All,

I’m currently in the process of purchasing a house for the first time for £270K with my wife with a 10% Deposit

I have a property in my name (on the title deeds) the property is mortgage free (paid off) and has been for about ten years prior to the deeds being put into my name.

My wife also has two properties that are paid off and have title deeds put in her name. Also about 10 years plus mortgage free before title deed change.

Will we still qualify as first time buyers for SDLT at 0%?

Both of us have never had a mortgage or purchased a property.

Any advice?
«13

Comments

  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    You own a property already. Your wife owns two.
    How do you think that makes either of you an FTB?


    Not only will you not get the 0% FTB SDLT rate, but you're paying the +3% additional property rate, unless one of those three properties you own between you is your current primary residence, and is being sold.
  • CallumTurner
    CallumTurner Posts: 7 Forumite
    All three properties were gifted - because we have never paid any forms of tax on the property Or had any financial products against property.

    Surely we’d still be classed as FTB’s ?
  • CallumTurner
    CallumTurner Posts: 7 Forumite
    Non of the properties are our main residence as we live with my parents at the moment
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    It isn't for first time buyers it is for first time owners. Most first time buyers are also first time owners but you aren't so you don't get the first time buyers schemes because you are already owners.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    CallumTurner wrote: »
    Non of the properties are our main residence as we live with my parents at the moment


    It doesn't matter where you live if you already own a property you are not first time owners. The first time buyers schemes are there for people to buy their first property to own. You already own property so it doesn't apply to you.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    edited 26 July 2018 at 11:27PM
    Cakeguts wrote: »
    It doesn't matter where you live
    It does mean they will be paying the +3%, though. £270k additional property = £11,600 SDLT.
  • CallumTurner
    CallumTurner Posts: 7 Forumite
    If we were to change the title deeds of all the properties into say a different family member would that make us FTB/ owners m?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    If you leave your wife, will you be a virgin again?

    BTW, HMRC aren't stupid - they'll see through something as obviously hooky as "giving three properties away just before buying another" in about three seconds flat.
  • jaelato1
    jaelato1 Posts: 139 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    AdrianC wrote: »
    If you leave your wife, will you be a virgin again?

    BTW, HMRC aren't stupid - they'll see through something as obviously hooky as "giving three properties away just before buying another" in about three seconds flat.

    :rotfl::rotfl::rotfl::rotfl:
  • CallumTurner
    CallumTurner Posts: 7 Forumite
    If you have no links to those properties through the HMRC but only via Land Registry

    Surely we would still be classed as FTB/ Owners?
This discussion has been closed.
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