Unfortunately, this discussion is no longer valid
Expired

Question about stamp duty

3
Posted 8th Jul 2020
Quick question maybe someone more knowledgeable can answer. So, stamp duty, before the announcement by Rishi today first time buyers were exempt from stamp duty for properties under 300k. If I’ve inherited the house I live in and rent another out, if I was to buy a third property, would I technically be a first time buyer as the properties I own I haven’t actually bought?
Community Updates
Ask
3 Comments
webuyanyhouse.co.uk/blo…81/


If you inherit a property, you are no longer classed as a first-time buyer. Being a buyer is based upon ownership, so if you own the property that you've inherited, you're not class as a first-time buyer.

This means that you will no longer qualify for any first-time buyer schemes, however, you will own a house that you can either now live in, or sell to purchase a different property.
Probably worth mentioning that you will still pay Stamp Duty on the third home even with the new £500k threshold as there is an additional tax on additional property purchases.
PenguinsForAll08/07/2020 22:33

https://www.webuyanyhouse.co.uk/blog/am-i-still-a-first-time-buyer-if-i-inherit-a-property-103381/If you inherit a property, you are no longer classed as a first-time buyer. Being a buyer is based upon ownership, so if you own the property that you've inherited, you're not class as a first-time buyer. This means that you will no longer qualify for any first-time buyer schemes, however, you will own a house that you can either now live in, or sell to purchase a different property.


plebbygiraffe09/07/2020 09:47

Probably worth mentioning that you will still pay Stamp Duty on the third …Probably worth mentioning that you will still pay Stamp Duty on the third home even with the new £500k threshold as there is an additional tax on additional property purchases.



Thank you for the help guys.
Post a comment
Avatar
@
    Text