Estate Agents In York

Monday, February 24, 2020

Does being married stop me being classed as a first-time buyer?

I’ve never owned a property, but we’re living in a house my wife bought several years ago

Q My wife and I live in a house my wife bought several years ago before we were married. I have never owned a property. If I were to secure a mortgage solely in my name to buy a new property would I get any stamp duty reduction for being a first-time buyer? The plan would be to sell the house we are currently living in as soon as we’ve moved in to a new property.
RK

A Contrary to what some solicitors and conveyancers have told other readers asking similar questions to yours, being married does not stop you from being defined as a first-time buyer and so qualifying for stamp duty land tax (SDLT) relief. Provided your spouse doesn’t already own property and you are buying in your name only, you can get relief on the first £300,000 of the purchase price of a property costing up to £500,000 (there’s no relief if it’s more than that).

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