Joint buyers-one FTB one not-stamp duty implications?

K

Kateham

Guest
Hi, can anyone tell me whats the situation regarding following. My partner already has a house and we are looking to buy one together, iv never owned a property, can we get half of first times buyer rate for me or because he already has a house does it mean we have to pay the full wack of stamp duty,
 
Bad news, I'm afraid.

I guess the intention of the provision is to give first time buyers a leg-up given that they will be competing against buyers who are likely to have some equity in property already.

Think positively - would you be in a better position if neither of you had ever owned a property than the position you're in now i.e. would half the stamp duty you're likely to pay be greater than the equity your partner has in his/her house?

Of course, you could buy a property on your own if you could make your finances stretch that far.
 
As far as i am aware you will be caught for all the stamp duty! Both parties most be FTB. However i had a solictor once that put the Title deeds to the mortgage in both names- mortgage company happy, and put the Title deeds to the house in the FTB name-no stamp duty. However this means your parnter will not be on the deeds to the house!
 
Hi Salmon/Oysterman

Id love to be able to purchase a place on my own but unfortunately I would be looking to get a caravan.

Might be worth going with your idea Salmon, I just think it so unfair, i mean for a 400k house we would have to fork out 30k stampduty..its crazy, I mean thats my years salary.. I know we are lucky to have a house already but something has to be done about the amount of money paid to government..it just makes me so angry.

Thanks for advice
x
 
I don't think Salmon's suggestion of "two on mortgage, one on title" will work any more - see the FAQ section of [broken link removed]

Hate to be the bearer of bad news.

Liam D Ferguson
www.yourfirstcastle.com
 
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