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Category: Property Law
Satisfied Customers: 173
Experience:  Expert
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Stamp duty relief I have been told today by my broker that

Customer Question

Stamp duty reliefI have been told today by my broker that as I am a home mover I would be entitled to the stamp duty holiday on the house I am buying . That will be my main residence the house I am in now that i own with my mother will stay
Submitted: 17 days ago.
Category: Property Law
Expert:  MatthewM1117 replied 17 days ago.

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.

Customer: replied 17 days ago.
Even if I part own that property with my mother ?
Expert:  MatthewM1117 replied 17 days ago.

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.