Stamp Duty for "First time buyer"
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Unspoken
Posts: 6 Newbie
Hi,
I've tried searching this online but got no luck.
I bought a property with my brother 6 years ago and we were on a joint mortgage. I've recently got married and buying a house with my wife. I've agreed to be removed from my current mortgage with my brother and start a new one with my wife.
I'm only going to have 1 house under my name and that is going to be the one I buy with my wife. Do I still come under first time buyer as it'll be my only property? Or even if they charge me extra stamp duty do you think I claim some of it back from the GOV.UK website?
Thanks
I've tried searching this online but got no luck.
I bought a property with my brother 6 years ago and we were on a joint mortgage. I've recently got married and buying a house with my wife. I've agreed to be removed from my current mortgage with my brother and start a new one with my wife.
I'm only going to have 1 house under my name and that is going to be the one I buy with my wife. Do I still come under first time buyer as it'll be my only property? Or even if they charge me extra stamp duty do you think I claim some of it back from the GOV.UK website?
Thanks
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Comments
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No. You aren't a first time buyer if you were/are party to the ownership rather than just a mortgage borrower. If you complete your purchase before you are removed from the current property you will pay the extra 3% second property surcharge. This is refundable once you are removed from the first property as long as it's done within three years.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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Not sure what you've been trying to search for? First time buyer means literally that, the first time you've owned a property. That doesn't apply to you, your FTB virginity doesn't grow back.1
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If your name is removed from the property with your brother you will only be liable for standard SDLT, you are not a first time buyer regardless."You've been reading SOS when it's just your clock reading 5:05 "0
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Thanks for the quick response. I have been removed from the current property but that happened after I got my mortgage deed. So looks like I'll have to the refund on GOV.UK.0
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Unspoken said:Thanks for the quick response. I have been removed from the current property but that happened after I got my mortgage deed. So looks like I'll have to the refund on GOV.UK.
Apply for a repayment of the higher rates of Stamp Duty Land Tax - GOV.UK (www.gov.uk)
"You've been reading SOS when it's just your clock reading 5:05 "0 -
Unspoken said:Thanks for the quick response. I have been removed from the current property but that happened after I got my mortgage deed. So looks like I'll have to the refund on GOV.UK.0
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Unspoken said:Thanks for the quick response. I have been removed from the current property but that happened after I got my mortgage deed. So looks like I'll have to the refund on GOV.UK.
I'm not sure, but I think it possible that you'll only qualify for a refund if you replaced your main residence....0
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