The budget and buying a house question

[Whitesupraboy2]

Well its expected to be announced, first time buyers will not have to pay stamp duty up to £250,000

 

So I have a question;

 

Currently buying a place wit the Gf, she is a first time buyer.

 

I have a house which I bought with bro and dad as a buy to let. If we both go on a mortgage together, is she going to be able to benefit from the no stamp duty??

[Chris Wilson]

I'd be more worried about protecting my share of the investment if / when we fell out, to be frank.

[imi]

I'd be more worried about protecting my share of the investment if / when we fell out, to be frank.

 

Must be sunny where you live

[Scott]

Who's Frank? Is he not the drugs guy? I wouldn't want to be him.

 

With regards to the stamp duty, I'm not really sure how that one would work. Probably best speaking to a mortgage advisor

[CraigGilchrist]

I'm pretty sure that you both have to be first time buyers, unfortunately. When I was speaking to the bank about mortgages they said they had lower fees for first time buyers, but that we'd both have to be first timers to benefit. My guess is that the government aren't going to be any more generous..

[Whitesupraboy2]

I'd be more worried about protecting my share of the investment if / when we fell out, to be frank.

 

thats already covered

I brought up that conversation straight away!

 

It me nice to cut off a £2k bill so fingers crossed, from reading up ill have to ask the solicitors but im surprised more people aren't in this situation.

[Terminator]

If they want to help the market the duty threshold need to be raised to £250,000 for all not just first timers.

 

Land registry will be the source for info on the stamp duty for first timers, ie buyers names not previously registered.

[Charlotte]

If they want to help the market the duty threshold need to be raised to £250,000 for all not just first timers.

 

Exactly what I was going to say. What if you've been through the recession, lost everything and then have to start again. Shouldn't people like that have the stamp duty waived?

[peter richards]

going to do it very soon with a bit of luck , but its 2K on the new house ,all in about 5K

[Terminator]

going to do it very soon with a bit of luck , but its 2K on the new house ,all in about 5K

 

Which is a big saving and will help kit out the new one.

[stevie_b]

I'm pretty sure that you both have to be first time buyers, unfortunately.

 

You are correct, according to this: http://news.bbc.co.uk/1/hi/business/8585903.stm

 

Buyer (or all buyers if joint purchase) must not have previously owned a property anywhere in the world

[Franko]

Who's Frank? Is he not the drugs guy? I wouldn't want to be him.

 

Yes being called Frank when the drug advert Talktofrank really changed my whole life:rolleyes:

[imi]

Cash in while you can as the property prices will soon rise to cancel out any savings

[stevie_b]

Cash in while you can as the property prices will soon rise to cancel out any savings

 

I'm not so sure. This tax relief applies to quite a small section of housebuyers. That kind of narrow focus probably isn't enough to drive prices higher, possibly apart from property types that are purchased almost exclusively by 1st time buyers (e.g. 1 bed flats).

 

WSB2: if you're confident your girlfriend won't tuck you up if you split, then you could purchase the house in her name only, and then when you re-negotiate your mortgage (say in 3 or 4 years' time) you could put it in joint names. I don't know where that would leave you legally if you were to split at any time, so tread carefully and do your research.