Stamp Duty

WibbleyWobbley

Hi all. My wife recently got some Inheritence and wishes to use it to help her buy a house. She will be a first time buyer and plans on having it in her name only. I got a Mortgage back in the late 80's but it was sold in the mid-90's and I've rented ever since.

My question is- Will she still be required to pay Stamp Duty, even though it'll be fully in her name ?

Thank you

Bookworm105

was she party to the mortgage and/or the property sale in the 90s?

WibbleyWobbley

Bookworm105 said:

was she party to the mortgage and/or the property sale in the 90s?

No, she was nothing to do with any of that, Bookworm.

Keep_pedalling

Depends on the value. It’s unlikely that she would able to find and complete between now and 1st April when the bands change. As a first time buyer she will only avoid it if the value is below £300k.

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

jonnydeppiwish!

Pretty sure that as you’ve had a property before, she will not be entitled to FTB but @SDLT_Geek would be best placed to answer this

SDLT_Geek

WibbleyWobbley said:

Hi all. My wife recently got some Inheritence and wishes to use it to help her buy a house. She will be a first time buyer and plans on having it in her name only. I got a Mortgage back in the late 80's but it was sold in the mid-90's and I've rented ever since.

My question is- Will she still be required to pay Stamp Duty, even though it'll be fully in her name ?

Thank you

Your wife will be buying in England, so the relevant stamp duty is stamp duty land tax?

Will she be buying the property to live in as her only or main residence?  That is a requirement of first time buyer's relief.  It does not apply, for instance, to buying a holiday home or a property to rent out.

Whether SDLT is due depends on the price and the circumstances.  First time buyers' relief will only be available if:

(a)  The price is not over £500,000 (assuming she completes her purchase after 31 March 2025) and
(b)  She plans to live in it as her only or main residence and
(c)  She is the sole beneficial owner (so OP does not have an underlying share in the property, given that OP has previously acquired a property).

I am assuming that the inheritance did not involve her acquiring a share in a property (even if acquired for nothing, that would disqualify her from counting as a first time buyer for SDLT).