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Hi all, just hoping someone can advise on the following:
My two siblings and I are on the deeds of a property gifted to us by our parents. Said property has no mortgage on it.
I am looking to purchase a house but because my name is already on the deed of another property, I do not qualify as a first time buyer. Just to compound things, my name would be on two deeds if I do purchase a property which would mean I would have to pay double stamp duty - this would equate to about £18,000 in my instance which I am not prepared to pay.
Can anyone provide any advice please? I assume that one option would be to come off the deed? I understand that I would still need to pay stamp duty for the property I would like to buy but that would be a far more reasonable sum of £7,500.
Many thanks in advance!
My two siblings and I are on the deeds of a property gifted to us by our parents. Said property has no mortgage on it.
I am looking to purchase a house but because my name is already on the deed of another property, I do not qualify as a first time buyer. Just to compound things, my name would be on two deeds if I do purchase a property which would mean I would have to pay double stamp duty - this would equate to about £18,000 in my instance which I am not prepared to pay.
Can anyone provide any advice please? I assume that one option would be to come off the deed? I understand that I would still need to pay stamp duty for the property I would like to buy but that would be a far more reasonable sum of £7,500.
Many thanks in advance!
