Looking at buying a new house with the mrs. Its on at £150,000.
The 1% level is £125-£250,000 so i know i'm due to pay it. However, if you are a 1st time buyer there is no duty upto £250,000.
While i am not a 1st time buyer, my wife has never had a property in her name so could be classed as a 1st timer. The new mortgage will be in both names so will we class as 1st time buyers or not?
Any help please...
Is title solely in her name? If so, no SDLT.
However, your bank will probably not let you take title solely in her name if both names are on the mortgage. At the very least, this needs to be intimated to the bank, and lenders are currently very nervous about anything out of the ordinary.
Going through a similar process at the moment with my Mrs. As far as I have been led to believe, you will have to pay Stamp Duty if you are/have been named on a mortgage previously. So unless it is solely in your partner's name then I'm confident you will have to pay it. I also do not think you can have the property solely in one name if you are using combined earning on your mortgage application.
It would be in both names so i guessed stamp duty would apply.
Just thought i'd put the question out to the STW clan.
Thanks for your help.
Offer them £125,000 
Offer them £125,000
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