Mortgage lenders may class you as a first time buyer if you have no property to sell and do not have a mortgage currently. While each mortgage lender may differ in their definition of a first time buyer, HMRC do not.
When it comes to home much stamp duty land tax (SDLT) you will pay, HMRC, are quite clear. A first time buyer is someone who “has 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.”
So, if you’ve ever owned a property, even twenty years ago, for tax purposes you are not a first time buyer.
If you are married and your spouse has owned a property, HMRC will class you as one entity and you will not be classed as first time buyers.
If you are concerned about your tax status for paying SDLT, speak to your conveyancer early on. They will be able to establish your individual circumstances and advise you as to how much Stamp Duty you will pay.
For a free no obligation conveyancing quote for Southport, contact us on 01704 532890.