stamp duty relief for first time buyer?

stamp_duty

Hi,

Me and my partner are both time buyers looking to buy in London soon. As first time buyers and holders of a lifetime isa we should receive stamp duty relief alongside the government lifetime isa bonus. Due to my partners' mental health problems, however, their is a reasonable chance we will have to move back into my parters parents house in the future to better cope with the health problems. The lisa + first time buyer stamp duty relief rules stipulate that the house must be bough as our main residence which it will be. If we, in the future, however, decide we need to move back into my partners parents would we have to repay the government lisa bonus or the stamp duty relief if we chose to rent out the property that we purchased or would we simply be forced to sell it before moving back? 

I am aware of a blog post on this site that suggests we wouldn't have to repay the lisa bonus but I can't see anything about what happens to stamp duty relief in the event your situation does change. I am optimistic my partner's health will stay strong but we just aren't sure and are thus quite apprehensive about committing to purchasing our first property. 

Any help on the query or on who to contact if such a sitation did arrise would be very much apppreciated. 

J

[Deleted User]

stamp_duty said:

Hi,

Me and my partner are both time buyers looking to buy in London soon. As first time buyers and holders of a lifetime isa we should receive stamp duty relief alongside the government lifetime isa bonus. Due to my partners' mental health problems, however, their is a reasonable chance we will have to move back into my parters parents house in the future to better cope with the health problems. The lisa + first time buyer stamp duty relief rules stipulate that the house must be bough as our main residence which it will be. If we, in the future, however, decide we need to move back into my partners parents would we have to repay the government lisa bonus or the stamp duty relief if we chose to rent out the property that we purchased or would we simply be forced to sell it before moving back? 

I am aware of a blog post on this site that suggests we wouldn't have to repay the lisa bonus but I can't see anything about what happens to stamp duty relief in the event your situation does change. I am optimistic my partner's health will stay strong but we just aren't sure and are thus quite apprehensive about committing to purchasing our first property. 

Any help on the query or on who to contact if such a sitation did arrise would be very much apppreciated. 

J

The future is irrelevant. What matters is that when you buy the property you intend it to be your only or main residence. 

See page 4….

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/759714/Stamp_Duty_Land_Tax_relief_for_first_time_buyers_-_guidance_note.pdf