UK Budget - no stamp duty for first time buyers

10
Found 22nd Nov 2017
Up to £300,000k in value.

Say my wife and I are both first time buyers individually: can we combine forces and purchase a property for £600k ?
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10 Comments
In a word - no.
Thistleno18 m ago

In a word - no.


in a few more words: 2 adjacent flats: she buys 1, I buy one - we merge them.

That is just one option...
tonyfonda5 m ago

in a few more words: 2 adjacent flats: she buys 1, I buy one - we merge …in a few more words: 2 adjacent flats: she buys 1, I buy one - we merge them.That is just one option...


Can't see a problem, just do the merge a while after eh
if you buy 2 leasehold flats you'd have to get permission from the freeholder. Which may prove very difficult.
Edited by: "Toptrumpet" 22nd Nov 2017
Lease holders are often wont let you knock two flats into one.
tonyfonda11 m ago

in a few more words: 2 adjacent flats: she buys 1, I buy one - we merge …in a few more words: 2 adjacent flats: she buys 1, I buy one - we merge them.That is just one option...


You would need planning permission which you may not get.

Also generally financially unwise to do - two flats are generally worth more than one larger property - that is why houses were/are converted to flats!
Toptrumpet3 m ago

Unless they''re freehold you'd have to get permission from the lease …Unless they''re freehold you'd have to get permission from the lease owner. Which may prove very difficult.



And any mortgage companies involved. You would each effectively have to transfer a 1/2 share in your respective flats to the other one which may attract SDLT liability as a trabsfer of value, notwithstanding that no money would necessarily change hands.
As above, one 4 bed flat is harder to sell on than two 2 bed flats.
also, what about the communal area outside the front doors, you'd have to look into getting permission to incorpo4ate that area into the flat and that might entail the permission of the other residents
The only easy way to do it would be to buy a new build and take the top floor two flats (where other residents wouldn't pass/use and do a deal with the developer to buy the two and get him to incorporate the landing as an extra? The trouble with that would be landregistry
tonyfonda21 m ago

in a few more words: 2 adjacent flats: she buys 1, I buy one - we merge …in a few more words: 2 adjacent flats: she buys 1, I buy one - we merge them.That is just one option...


Well someone's got to like it

As already pointed out in the thread. You would save yourself £5k max and be left with a bill greater than that saving to convert the 2 properties into 1 which would then be worth less in total. The lender/s would not allow their exposure to be compromised in such a manner even if both properties were share of freehold
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