Property Law
Ask an Property Solicitor. Get an Answer ASAP.
Good afternoon, thank you for contacting Just Answer my name is***** am a solicitor and I will be assisting you today. An individual buying a second residential property would usually pay the higher rate for stamp duty. However there is an exception where the purchase is to replace a main residence. For this to apply there must be a sale of the existing main residence and the purchase of a replacement for it.
So it appears in your scenario, that although you are purchasing a new main residence, you are not selling the previous main residence. At the end of the day of the transaction you would owns two properties so the higher rates will apply.
Hopefully I have answered your question in a straightforward manner however if anything remains unclear I will be happy to assist you further.
That is correct, anyone who has owned a home before will not be eligible for first-time buyer status regardless of whether you actually bought the home or not or whether they own the home with another party.