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Where Taxpayers and Advisers Meet

First Time Buyer SDLT - Am I eligible?

Horchata
Posts: 2
Joined: Wed Apr 17, 2019 11:06 am

First Time Buyer SDLT - Am I eligible?

Postby Horchata » Wed Apr 17, 2019 11:11 am

Hi all,

I would like to buy a property in the UK and to achieve this would like to take advantage of the various Help to Buy schemes for first time buyers, as well as stamp duty tax relief. I have never purchased a property.

However a few years ago, my father who lives abroad, updated the deeds of his property to my name whilst retaining the 'usufruct', or right to live at the property, until his death. I have only retained the ‘bare ownership’ (or 'Remainderman’ I believe is the legal term) and have no right to sell or rent it, or do anything with it. For all intents and purposes the property is my father’s until his death (which could potentially be decades). My father is the sole 'beneficiary' at this time in the legal sense.

Would I therefore still be eligible for stamp duty relief which comes with being a first time buyer?

Thank you

maths
Posts: 7598
Joined: Wed Aug 06, 2008 3:25 pm

Re: First Time Buyer SDLT - Am I eligible?

Postby maths » Fri Apr 19, 2019 1:06 pm

I would suggest that you will qualify.

Horchata
Posts: 2
Joined: Wed Apr 17, 2019 11:06 am

Re: First Time Buyer SDLT - Am I eligible?

Postby Horchata » Fri Apr 19, 2019 7:00 pm

I would suggest that you will qualify.
Many thanks for your response, very helpful!


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