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Buying first property in UK but own part of another in Romania
1mpe7us
Posts: 2 Newbie
Hi!
My father passed away unexpectedly and now I own 25% of his property (worth less than £10 000). I understand that because of this, I don't qualify as a first-time buyer. However, I have not lived there at all since I inherited and I don't consider this to be my dwelling. I am reading through articles and pages and I am very confused. I want to buy my own flat in Scotland. As far as I understand, I can't use a LISA to buy the flat? Can I use the 5% deposit scheme or am I not qualified to do that as well? And lastly, I don't understand the stamp duty in Scotland - for the additional dwelling you pay 4%, but my main dwelling will be the flat that I buy, I don't intend to go back to Romania and live there and the property value is very low. Do I still need to pay that 4%? Should I sell my share in Romania, would that remove the stamp duty if I don't own any shares at all?
My father passed away unexpectedly and now I own 25% of his property (worth less than £10 000). I understand that because of this, I don't qualify as a first-time buyer. However, I have not lived there at all since I inherited and I don't consider this to be my dwelling. I am reading through articles and pages and I am very confused. I want to buy my own flat in Scotland. As far as I understand, I can't use a LISA to buy the flat? Can I use the 5% deposit scheme or am I not qualified to do that as well? And lastly, I don't understand the stamp duty in Scotland - for the additional dwelling you pay 4%, but my main dwelling will be the flat that I buy, I don't intend to go back to Romania and live there and the property value is very low. Do I still need to pay that 4%? Should I sell my share in Romania, would that remove the stamp duty if I don't own any shares at all?
0
Comments
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Your interest in the property in Romania is worth less than £40,000 so for the purposes of LBTT (Scottish Stamp Duty) this does not count as a second property. Therefore you will not need to pay the 4% additional dwelling.2
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You cannot use the 5% scheme for a second home.
You should speak to independent mortgage advisor who will be able to advise you what your options are.0 -
Thank you both! Are 5% deposits only allowed on the 5% deposit scheme for first buyers or are they still allowed with some lendors?0
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Yes some mortgage providers do 5% without the government scheme. I think Tipton is one.1
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