New Budget Good News for First Time Buyers

The budget has meant good news for First Time Buyers as properties upto £250000 are exempt from the 1% Stamp Duty

However to qualify as a first time buyer you must;

1. Not have any interest in any property either in the UK or abroad.
2. Must not have inherited any property; so even if you have not bought a house but inherited an interest in one, you do not qualify
3. If you are buying jointly with someone both of you must be first time buyers.
4. If you have previously purchased under shared ownership you do not qualify.
5. If you are a first time buyer, but buying for someone else you do not qualify,

and finally you must be buying a property that is intended as your only and main residence so you cannot buy to let, or be intending to use the property as a second home.