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FTB status

2 replies

WhichMattress · 25/05/2019 12:24

I have a question - not my circumstances - it really is "for a friend"

He bought a leasehold flat back in the 80's and owned the lease on that premises for about 15 years. He sold the flat just before 2000. He hasn't owned property for almost 20 years. He is in his late 40's now and looking to get back onto the property ladder. He has been confused about his status - would he be regarded as a FTB again, given he hasn't owned property for a significant period of time? I asked a IFA friend of mine who said that his status would depend on the mortgage provider. But he has been to a few banks (HSBC, Halifax) and he tells me both have said that he is not a FTB and hence subject to the stamp duty taxes. Just wondering if anyone else has any insight into this. He is absolutely strapped for cash so obviously the difference between paying SD or not really matters to him.

Thanks for any feedback.

OP posts:
spanieleyes · 25/05/2019 13:11

"A first time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence."
from www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers/stamp-duty-land-tax-relief-for-first-time-buyers
so it looks like he wouldn't qualify.

WhichMattress · 25/05/2019 13:23

Thank you spanieleyes. This seems pretty definitive doesn't it? I'll let him know. What a shame.

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