Estate Agents In York

Sunday, December 16, 2018

Do I count as a first-time buyer if I inherit a share of a home abroad?

I’m worried I’ll lose my bonuses in a help-to-buy Isa and/or relief from stamp duty land tax

Q My partner and I are looking to buying our first home in London together so have both been saving in help-to-buy Isa accounts. However, I am soon inheriting soon a share of a property in Finland. I understand that this apparently ruins my chances of benefiting from any first-time buyer advantages here in UK as I am not allowed to own or have owned any other property beforehand, even overseas.

After a lot of research, I still haven’t quite managed to find a confirming answer if it makes any difference what the value or owned percentage of the property to be inherited is. In some cases I have understood that the higher stamp duty charges can be negotiated, but I haven’t quite found any guarantees about this either. In my case I will be inheriting 50% of a property where my share is worth less than £25,000 – I suppose no matter how low in value or how small percentage I’d own, it wouldn’t make a difference? I am mainly asking, as of course for the papers we can put down just 49% as my share, should this make a difference as it has a massive difference in the cost of buying my first home here in UK.

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