First time buying couple?

[peterwilson]

Hi
I was told by a Financial [SIZE=-1]Services company that myself and my girlfriend were a 'first time buyer couple' and that we didnt have to pay stamp duty on a new house.

I already own a property.
My girlfriend is a first time buyer.

Is is true what the [/SIZE] Financial [SIZE=-1]Services company said?

Cheers
Peter
[/SIZE]

 

[Apollo]

Double check with a solicitor but if you are prepared to stay off titile stamp duty will not apply - I think!!

 

[peterwilson]

if you are prepared to stay off

Thanks but what does this mean?!

P

 

[ClubMan]

It means that you will not be named on the title deeds and will not strictly be a beneficial owner of the property. This represents an element of risk to you.

Also - this may not actually be enough to avoid SD in any case especially if you are actually helping to service the mortgage. See these Revenue press releases:

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[broken link removed]

 

[Dreamerb]

OP: From the details you've posted - nope, the financial services company appears to be wrong. And you'd be mad to stay off the title deeds just to avoid stamp duty - it could cost you an awful lot more in the long run, in the event of break-up, death, etc. [plus what ClubMan says above... post crossed]

However, if it's a new build under 125 sq.m. it's very likely to be stamp duty exempt anyway (check www.revenue.ie for the detailed rules on this).

It's also possible you and / or the company have your wires crossed: if you bought your current property within the last seven years and are disposing of it or it's an investment property, then you may be able to claim mortgage interest relief at first time buyer levels until the end of the seven years since you acquired your first property, if it's a PPR, or (possibly) for a full seven years if it is and always has been an investment property. Your girlfriend will be entitled to claim full FTB TRS for seven years.

 

[peterwilson]

Thanks for that guys!
Very informative!

Anyone know what 125 sqm is in feet?
Thanks
P

 

[peterwilson]

Just got it

125 m² = 1345.488 ft²

It does come under this size so I guess we'd be ok.

P[FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=+1][/SIZE][/FONT]

 

[ClubMan]

For future reference you can always .

 

[peterwilson]

For future reference you can always .

Wow that's cool very impressive!
Thanks!