Marriage - First time buyer VS previous home owner - and I eligible?

JoePiano

Good evening, first post here as I am struggling to get to the bottom of a couple of things.

My wife and I have been married since June 2021. She is already a home owner and has a shared ownership property that we currently live in. I have never owned a property and have been saving into a LISA. We plan to purchase a property together as soon as we can afford to and once I have completed my latest tax return (I'm self employed)

What I would like to get to the bottom is 1) Am I still eligible for the 25% first time buyer LISA bonus and 2) Am I eligible for stamp duty relief as a first time buyer.

I have seen mix of posts and threads about one person being a first time buyer and the second already a home owner, the thing that complicates things is does this change now we are married?

I have contacted my LISA provider (Skipton building society) and they have told me I would be able to get BOTH the stamp duty and LISA bonus. However speaking to a friend regarding this they told me their solicitor says I wouldn't be able to get first time buyer stamp duty relief.

I am confused and I'm not even sure who to speak to regarding this without paying for mortgage advice. We have started discussions with a mortgage broker but he can't advise us on these matters.

Any help or pointers in the right direction would be appreciated.

Many thanks

Joe.   

SDLT_Geek

JoePiano said:

Good evening, first post here as I am struggling to get to the bottom of a couple of things.

My wife and I have been married since June 2021. She is already a home owner and has a shared ownership property that we currently live in. I have never owned a property and have been saving into a LISA. We plan to purchase a property together as soon as we can afford to and once I have completed my latest tax return (I'm self employed)

What I would like to get to the bottom is 1) Am I still eligible for the 25% first time buyer LISA bonus and 2) Am I eligible for stamp duty relief as a first time buyer.

I have seen mix of posts and threads about one person being a first time buyer and the second already a home owner, the thing that complicates things is does this change now we are married?

I have contacted my LISA provider (Skipton building society) and they have told me I would be able to get BOTH the stamp duty and LISA bonus. However speaking to a friend regarding this they told me their solicitor says I wouldn't be able to get first time buyer stamp duty relief.

I am confused and I'm not even sure who to speak to regarding this without paying for mortgage advice. We have started discussions with a mortgage broker but he can't advise us on these matters.

Any help or pointers in the right direction would be appreciated.

Many thanks

Joe.   

Am I right in thinking that your wife will be selling her home and you will then be buying the new home jointly?
If so I would not expect first time buyers' relief to be available.
Oddly if you alone buy, the rules would allow first time buyers relief, even though your spouse is not a first time buyer.

newbuildbudget

Your friend’s solicitor is correct. You would get the bonus but you would not be eligible for the SDLT relief unless purchasing it as a single person. If buying jointly with your wife, you waive your so-called ‘right’ to the benefit. 

Gavin83

newbuildbudget said:

Your friend’s solicitor is correct. You would get the bonus but you would not be eligible for the SDLT relief unless purchasing it as a single person. If buying jointly with your wife, you waive your so-called ‘right’ to the benefit. 

This. You’ll get the LISA bonus but not the SDLT relief.