What is a first time buyer?
A person who has not acquired a freehold or leasehold interest in residential property in the UK (except a lease with less than 21 years to run) or an equivalent interest anywhere in the world.
When is the relief available?
The relief is available for transactions with an effective date (usually the completion date) on or after 22 November 2017. No end date has been mentioned in the brief guidance provided today.
I want to buy a house with my partner but one of us has previously owned a residential property. Can we claim the relief?
No. All of the buyers, when there are more than one, must be a first time buyer.
I previously bought a house jointly with my spouse/ partner. The partnership has broken up so can I be treated as a first time buyer?
No. Where the individual has previously acquired an interest in a residential property as a joint tenant or a tenant in common the individual is not a first time buyer.
Is the relief available on transfers of interests in a home between partners?
Such a transfer normally requires a transfer from the existing owner to him/herself and the partner. Even if the partner is a First-time buyer the existing owner is not. So the relief is not available.
Can I get relief if I have previously owned an inherited property?
No. In this case a person will previously have acquired a major interest in a residential property.
Can I claim the relief if I’m buying on behalf of my parents?
No. Relief is not available unless the first time buyer(s) are buying, for themselves, a property that they intend to use as their only or main residence.
Is there an age limit on claiming the relief?
No. First time buyers can be of any age.
Is there a price limit on claiming the relief?
Yes, the sum for the whole of the purchase must not exceed £500,000.