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First time buyer Questions

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tom.uk
tom.uk Posts: 2 Newbie
in House buying, renting & selling
Hello I have two questions,
I have inherited 5% of a house (I am on the deeds/land registry)

1. I presume anything I saved in my Help to buy ISA I can no longer get the bonus on?

2. I am looking at buying the other 95% of that property am I classed as a first time buyer in terms of not having to pay stamp duty?

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  • SDLT_Geek
    SDLT_Geek Posts: 2,498 Forumite
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    It is an oddity of first time buyers relief for SDLT that someone who has inherited a share in a dwelling (so long as the property interest has vested in them already) is no longer a first time buyer, even if buying a further interest in the same property.

    At least the higher rates of SDLT (the 3% surcharge) should not bite, as that looks at whether you have an interest in another dwelling. Assuming that is that there are no complications such as a property owned by a spouse, a child or held in trust for you.
  • tom.uk
    tom.uk Posts: 2 Newbie
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    So am I correct in saying I would still have to pay the 2% SDLT 125k+ duty?

    Looking at the following resource a first time buyer is defined as someone with a major interest in a property. Surely 5% isn't classed as major? Can't seem to find any clarification on this.

    assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/661728/8274_guidance_note_SDLT_relief_for_first_time_buyers.pdf

    Thanks for the reply :)
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    The link here explains the first time buyer rules.


    https://forums.moneysavingexpert.com/showthread.php?t=5845397&highlight=first+time+buyer
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