Re: Stamp Duty Query

[Moro]

Does anyone know what my position is regarding stamp duty? Nobody seems to know even my solicitor! I am named on a mortgage but not on the title of house my boyfriend is building on a family site. The house is not built yet but we are claiming first time buyers relief on mortgate stage repayments. Meanwhile, while the house is being built, I decided to purchase an apartment in my own name which I could live in until house is finished or longer and rent a room. If i'm an owner occupier (as the property is new and under the square footage), I am still exempt from stamp duty but I can only have one main residence but I can't live in a house that's not finished! Do I still qualify as a first time buyer if I'm not on the title of the other property or will I have to stay with owner occupier and can I still claim the relief on the mortgage on the other property in this case. It's confusing.

Please help. I'm about to close the sale on my apartment and I'm worried that when the deeds are sent to revenue to be stamped that I will have to pay stamp duty.

 

[CCOVICH]

With regard to tax relief on the mortgage, you can only claim this on your PPR and you can only have one PPR at any one time.

So you cannot claim TRS on both the stage payments and on the mortgage payments on your apartment.

I think that you may be getting confused between FTB relief for stamp duty purposes and FTB relief on mortgage interest payments.

If your solicitor can't advise on the stamp duty issue (i.e. whether or not you will be a FTB when you buy your apartment), you may need to consider getting a new solicitor!

 

[Moro]

Thanks for that. I'm not claiming FTB mortgage interest relief on the apartment but I am not paying stamp duty on the purchase because it's new and I will be occupying until the house is built. I Collector General and they said that's ok provided I'm not claiming relief on both. I'm still a bit worried about the principal place of residence though but how can I be living in a house that's not finished? Will I be ok when the deeds for my apartment go to Revenue to be stamped? The mortgage interest relief for house under construction will be under my PPS number.