Query about Stamp duty (not for me)

My

I'd imagine that the advice is not conflicting. What the mortgage broker is saying is that the bank will insist on both names being on the mortgage, as presumably one individual alone would not qualify for the amount of mortgage needed. However, if both names are on the mortgage, they will not be able to avail of the first time buyers relief.

Tarquin:

The position is that if the both are on 'title' then the hoors in Revenue deem it to be not a first time buyer case because one of the title holders is not a first time buyer. (Takes a certain deviousness to work out why they made this call.)

Second, the bank will want both on the Mortgage. This is not the same thing i.e. they will want the loan in both their names but may be relaxed about the title issue.

It would be unlikely that they would insist.

Also how the deposit is paid need to be handled carefully, that is if he stumps up the cash, the Revenue could again see this in a different light. If they are intending to marry, all the CGT implictions will wash away.

There is nothing illegal in this, as Mr Cowen gave the advice himself on the Pat Kenny show. What it demonstrates is how peverse the rules are getting. For example, if you were from a foreign country where the price of housing was a lot lower, and you owned a 'residence' worth very little, the you too would not be a First Time Buyer! Marvellous news for our new citizens!

In my experience, two names can be on the mortgage and one on the title deeds and no stamp duty needs to be paid in this case. This was four years ago though so maybe things have changed slightly...

Yes, things have changed in that relatively recently the Revenue announced that this very scenario would no longer be allowed by them in that where someone other than a first time buyer made a contribution to the purchase price regardless of whether they were on the title or not ( and indeed in some circumstances regardless of whether they were named on the mortgage) that they would not obtain first time buyers relief on stamp duty.

Thanks