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Who is classed as a first time buyer?

The general definition of a first-time buyer is a person buying a house or a flat who has never owned one before and has no property to sell. Basically, you aren’t a homeowner, an investor or simply mortgaging or re-mortgaging an existing home.

This seems pretty obvious, so why is everybody talking about whether they are classed as a first-time buyer or not? Well, last autumn the government announced that there would be no stamp duty for first-time buyers on properties up to the value of £300,000 starting from the 22nd of Nov 2017. For everybody else, the stamp duty tax is only exempt on properties less than £125,000.

To be able to qualify for the stamp duty exemption, the property you are buying must be your main home. You can’t use the exemption for buy-to-let properties, or second homes and you can’t use it either if you have ever owned or jointly owned a property in another country before.

UK Wide Chartered Surveyors
UK Wide Chartered Surveyors
Cosey Homes offer the full range RICS home surveys from Level 1 - 3 with national coverage provided by our experienced local property surveying team.
DISCLAIMER: This article is for general information only and not intended as advice. Each property has its own set of unique circumstances, all potential issues should be investigated by a surveyor on a case by case basis before making any decision.