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Where Taxpayers and Advisers Meet

First time buyer or not - Joint buyers - Stamp Duty

samboston
Posts:21
Joined:Wed Aug 06, 2008 3:47 pm
First time buyer or not - Joint buyers - Stamp Duty

Postby samboston » Wed Apr 14, 2021 8:56 am

Hello

My son and I wish to buy a house to live in as our main residence.

My son has never owned a property, so is a first time buyer.

I don't own any property at the moment. Over 10 years ago I did own a property with my wife (50/50%). However, about 10 years ago my name was removed from the property and only my wife's name remains on that property. We all currently live at this property.

Price of property is approximately £380K

My son will be providing 75% of the funds (a combination of mainly mortgage and small amount of savings), and I'm providing the other 25% via a mortgage.

For SDLT purposes, will the whole purchase be treated as if we are both NON-first time buyers?

Or is the purchase split 75% (first time buyer) and 25% (non-first time buyer)

Thanks

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