Avoiding Stamp Duty Twice

[roygibv]

Afternoon
Myself and my girlfriend (soon to be wife) are both first time buyers. We are looking at buying a property in the next few months. Is there any way that one of use can keep their first time buyers status as we may be moving to another part of the country in about a years time.

Or

If we put the first house in one of our names will the other automatically loose there first time buyers status when we get married.

Kind Regards
ROYGIBV

 

[Molly]

if you are purchasing the property jointly, then obviously neither of you are FTB's for any subsequent house purchase. If it is a sole purchase in one name only, upon marriage the non purchaser does not loose FTB status, however for any subsequest house purchase will be deemed the family home it would have to be a joint purchase ( as per the family home protection act) and therefore as you both have to be FTB's to avail of the lower FTB stamop duty rate... So in essence No, although maybe someone else has another view on it.

 

[Vanilla]

it would have to be a joint purchase ( as per the family home protection act)

This is not true. What may determine whether or not the property/mortgage has to be in joint names is whether you qualify on one income only for the size of mortgage you want.

 

[Sarah W]

If a married couple buying a PPR and getting a mortgage the lender will insist on both being on the mortgage - no exceptions.

Sarah

www.rea.ie

 

[roygibv]

Thats great.
If I understand correctly, we can buy the first house in one of our names (if morgage is approve on that persons wage souly). Then when we are married if we decide to sell that house we can buy another house without paying stamp duty again deeming this the "family home".
Thanks for the information.

 

[Vanilla]

If you qualify for a mortgage in your name only based only on your income, and your fiancee agrees, you can buy the house in your name. Then you sell, and buy again. This time you have to qualify for any mortgage in your fiancees sole name ( because if it is in joint names you are no longer a ftb and will therefore disqualify both of you) and the house has to be in your fiancees sole name. Three problems to over come then, firstly whether you will qualify for the mortgages in sole names, secondly Sarah W ( who knows what she is talking about) says banks now require house purchases for married couples ( where not an investment) to be in joint names ( although as I have said this is not a legal requirement), and thirdly whether in fact legally it is adviseable to do so.

Also there are exemptions for owner occupiers and reduced rates for them too and who knows what the future holds as the stamp duty situation could change at any time.