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Where Taxpayers and Advisers Meet

First time buyer

kuchkuch
Posts:2
Joined:Fri May 09, 2025 3:01 pm
First time buyer

Postby kuchkuch » Fri May 09, 2025 4:25 pm

Hi - my son will acquire 50% of a property as per my mum's will on which no stamp duty is payable. He does not own any other property so is effectively a first time buyer. If he were to buy out the other 50% which has a value of around 280k (value of property 560k), would he have to pay any stamp duty on this or will he be exempt as the value is below the threshold for first time buyer of 300k?
Any comments would be appreciated.
Thanks

bd6759
Posts:4458
Joined:Sat Feb 01, 2014 3:26 pm

Re: First time buyer

Postby bd6759 » Sun May 11, 2025 5:17 pm

If he acquires the other half after he acquires the first hand, SDLT will be payable and he will not be entitled to first time buyer relief.

He will need to acquire the whole property at the same time. It should be possible to structure that.

kuchkuch
Posts:2
Joined:Fri May 09, 2025 3:01 pm

Re: First time buyer

Postby kuchkuch » Mon May 12, 2025 3:05 pm

Thanks - so structured correctly, it should be possible to get the first time buyer exemption?
Presume I need a specialist solicitor for this or will a conveyancing solicitor manage this?
Thanks


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