Personal Finance & Money Asked by SmurfTheSmurf on July 14, 2021
My partner had previously co-bought a house (in the UK with a mortgage) in 2002, the house was then sold in 2013 (no profit made after mortgage pay-off and fees).
Fast forward to 2021, we’re buying a home together as we’ve been renting and saving for 8 years since.
I myself am definitely a first-time buyer as I’ve never owned property but it seems to be very vague and differently answered wherever I look to find out if my partner is as well.
I mean first-time buyer in relation to the government’s SDLT, not in the eyes of lenders for a mortgage/loans.
All the different answers around vary greatly and often contradict each other. If more info on my partner’s situation/history is needed, just let me know.
This is explained in this guidance note from the government.
Chapter 3 has the definition of a first time buyer:
In order to count as a first time buyer, a purchaser must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world.
[...]
If the property is purchased jointly, all the purchasers must meet these conditions.
So if you buy it jointly, you won't qualify for the SDLT reduction on the basis of being a first time buyer.
Correct answer by GS - Apologise to Monica on July 14, 2021
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