Can this situation still counter as first time buyer?

taihai

Lover_of_Lycra said:

taihai said:

ele_91 said:

Yes it does. But presumably by buying together you are getting a more valuable house so the saving on stamp duty (presuming this is what you mean by ‘first time buyer benefits’) as a % will be similar. 

Thanks. Apart from Stamp Duty, I am also thinking things like Life ISA where you get to spend your Life ISA to buy your first house if you are a first time buyer. 

What difference does it make if you spend your LISA jointly buying with your partner now or funding the purchase of your next home? 

I thought that you can withdraw money from your ISA if you are the following, otherwise you need to pay a 25% penalty?

• buying your first home
• aged 60 or over
• terminally ill, with less than 12 months to live

So that means you can't use your LISA to buy your next house (e.g. investment property)?

Irishpearce26

taihai said:

Lover_of_Lycra said:

taihai said:

ele_91 said:

Yes it does. But presumably by buying together you are getting a more valuable house so the saving on stamp duty (presuming this is what you mean by ‘first time buyer benefits’) as a % will be similar. 

Thanks. Apart from Stamp Duty, I am also thinking things like Life ISA where you get to spend your Life ISA to buy your first house if you are a first time buyer. 

What difference does it make if you spend your LISA jointly buying with your partner now or funding the purchase of your next home? 

I thought that you can withdraw money from your ISA if you are the following, otherwise you need to pay a 25% penalty?

• buying your first home
• aged 60 or over
• terminally ill, with less than 12 months to live

So that means you can't use your LISA to buy your next house (e.g. investment property)?

You have answered your own question. You already own a home and want to buy a second property so ergo you are not a first time buyer.

grumiofoundation

taihai said:

Lover_of_Lycra said:

taihai said:

ele_91 said:

Yes it does. But presumably by buying together you are getting a more valuable house so the saving on stamp duty (presuming this is what you mean by ‘first time buyer benefits’) as a % will be similar. 

Thanks. Apart from Stamp Duty, I am also thinking things like Life ISA where you get to spend your Life ISA to buy your first house if you are a first time buyer. 

What difference does it make if you spend your LISA jointly buying with your partner now or funding the purchase of your next home? 

I thought that you can withdraw money from your ISA if you are the following, otherwise you need to pay a 25% penalty?

• buying your first home
• aged 60 or over
• terminally ill, with less than 12 months to live

So that means you can't use your LISA to buy your next house (e.g. investment property)?

As above you by definition you can’t use for your ‘next’ purchase. 

As I said on previous page you can’t use LISA for an investment property even if it is your first property purchase. 

[Deleted User]

taihai said:

Lover_of_Lycra said:

taihai said:

ele_91 said:

Yes it does. But presumably by buying together you are getting a more valuable house so the saving on stamp duty (presuming this is what you mean by ‘first time buyer benefits’) as a % will be similar. 

Thanks. Apart from Stamp Duty, I am also thinking things like Life ISA where you get to spend your Life ISA to buy your first house if you are a first time buyer. 

What difference does it make if you spend your LISA jointly buying with your partner now or funding the purchase of your next home? 

I thought that you can withdraw money from your ISA if you are the following, otherwise you need to pay a 25% penalty?

• buying your first home
• aged 60 or over
• terminally ill, with less than 12 months to live

So that means you can't use your LISA to buy your next house (e.g. investment property)?

One of you could buy the house solely in their name and the next purchase could be solely in the other’s name or in joint names but as I said earlier I cannot see the benefit of doing this over buying the first home jointly and bother using your ISA then. 

Alternatively, rather than jointly purchasing somewhere to live you could each buy your own home to live in so that you’d be living separately. Again not sure what the benefit of doing this would be if you want to live together.