Stamp Duty hell!

Hello

I'm a first time buyer, my partner isn't. He has half the money for the house we wish to buy, but I'm on a larger salary so I'm able to get the other half with a morgage.

Is there any way we can make use of my first-time buyer status? As in, not have to pay stamp duty on this house?

We're not married; he's fine if my name is on the house, but obviously the issue is where the hell I got the money from!

Any help would be gratefully appreciated.

Sophie

You can do a joint mortgage single title on the property. Most lenders are cool with that, you can show balance of funds coming from your partner. Solicitors will be a little cautious about this arrangement

You cannot legally avoid SD by just having his name on the deeds if you are both actually contributing to the purchase and, in fact, joint beneficial owners.

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Some professionals who should know better have suggested and facilitated such arrangements in the past but this does not make it legal.

I thought as much.

Does it make any difference that he has never applied for a first time buyers grant?

Also - would it be an option to put the money 'in trust' and then given as a loan to me?

Sophie, can you qualify for the loan singly. If so purchase the property using a parent as guarantor and allow your partner to rent a room!!

sophie said:

Does it make any difference that he has never applied for a first time buyers grant?

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No - if he previously purchased a property then he is not a FTB.

Also - would it be an option to put the money 'in trust' and then given as a loan to me?

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I doubt it but ask your solicitor.

I wish I could buy the thing myself but unfort it's just impossible. Such a knot we're in, as I'm not against paying my tax dues, but it does feel a little irritating that I won't be able to benefit at all from this stamp duty first time buyers thing.

Thanks

Unless the details below mean I could use him in this way?


Consistent with the above approach, Revenue will also be prepared to treat persons other than parents of the first time buyer, who satisfy similar conditions to those set out above, as effectively acting in the role of guarantor for the loan. Their involvement in that capacity will not be treated by Revenue as precluding a claim to first time buyer relief. In such circumstances the conditions are as follows:

• The transfer of the house is taken in the name of the first time buyer.
• It is the intention of both the first time buyer and the other person that the other person is not to take a beneficial interest in the house.
• The other person has been joined into the mortgage solely at the request of the lending institution for the purpose of providing additional security for the monies being advanced for the purchase.
• It is not intended that the other person will be contributing to the repayment of the mortgage in the normal course.

Revenue do not propose to seek a claw back of stamp duty where transfers have taken place before today which comply with either set of conditions outlined above. There is no need for taxpayers or their advisors to consult Revenue unless the circumstances surrounding the purchase are different to those outlined above.

Have you considered buying new property? exempt if less than 125 sq m. Reduced if greater

sophie said:

it does feel a little irritating that I won't be able to benefit at all from this stamp duty first time buyers thing.

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That's not necessarily the case. There is no SD for FTBs and non FTBs on new builds under 125sqm in area. If you were to buy a new build jointly then there would be no SD.

Post crossed with over2u's.