Stamp duty payable???

[paddy111199]

Hi I know that this question has probably been asked in the past before.

I am buying a house with my partner. I am not a first time buyer but she is. BOI has said that they can put her as sole deeds and I can be part of the mortgage thus no need for stamp duty.

Is this correct?? Is there any potential clawback??

Sorry I have been given different opinions and I would love to get a definitive answer!

Many thanks
Patrick

 

[NorfBank]

If a non first time buyer contributes to the mortgage of a first time buyer, they are both treated as non first time buyers and stamp is payable unless it is a new house under 125sq m.

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[mathepac]

... BOI has said that they can put her as sole deeds and I can be part of the mortgage thus no need for stamp duty. ...

Interesting that BoI are allegedly back to playing fast and loose with the laws on duty and taxation, but now with tax-payers' money. I wonder have they run their proposals past the Financial Regulator or are advisors just trying to boost flagging sales commissions?

 

[NorfBank]

Interesting that BoI are allegedly back to playing fast and loose with the laws on duty and taxation, but now with tax-payers' money. I wonder have they run their proposals past the Financial Regulator or are advisors just trying to boost flagging sales commissions?

I'd say it could be pure ignorance of the rules on the part of the advisor. I have a first time buyer client who came from BOI, she was delighted to find out that she would not need to pay stamp duty on a second hand house. She had been advised differently by the branch. Otherwise they seem to be trying to allegedly fiddle and help the taxman at the same time.

 

[mathepac]

I'm not sure which is more reassuring; well-intentioned but ignorant or just plain dishonest.

 

[csirl]

I am buying a house with my partner. I am not a first time buyer but she is. BOI has said that they can put her as sole deeds and I can be part of the mortgage thus no need for stamp duty.

Essentially they said that if your partner buys a house on her own, she'd be a first time buyer. But if she bought a house on her own, you wouldnt own it.

Also as some posters have alluded to you, if you have a beneficial interest in the property, regardless of whether or not your name is on the deeds, then it would not be classified by Revenue as a first time buyers purchase.