Main Residence Requirement
In order to qualify for first-time buyer relief, the property purchased must be the purchaser's main residence. It is not essential that they occupy the property immediately, but they must show that they will be living on the property. An example of a property not being a main residence is purchasing a property with a buy-to-let mortgage where the purchaser intends to rent the property out.
How To Claim First-Time Buyer Relief
The LBTT relief is claimed through submitting an LBTT Return with Revenue Scotland which our residential property team can do on your behalf to make the process as streamlined and simple as possible for you.
Exemptions and Considerations
- Gifted Or Inherited Property
If you are
gifted or inherit property, you will not be able to claim first-time buyer
relief when purchasing your first home. Our residential property team can fully
advise you on the implications of these types of cases.
-
Trustees and
Executors
If you are
acting as a Trustee or an Executor and there is a property involved, you are
not considered as an existing owner, and you would be able to claim first-time
buyer relief when purchasing your first home.
Understanding first-time buyer relief for LBTT is crucial for anyone embarking on the path to their first home in Scotland. If you are considering buying a property, our experienced team of residential property specialists is here to help with the LBTT Return process, ensuring a smooth and enjoyable experience. We know that being a first-time buyer should be a joyful milestone, but we also recognise it can bring up a mix of emotions. Rest assured; our team's expertise will guide you through the process.
That is why we are committed to supporting you every step of the way. If you have questions or need personalised guidance, contact our team at 0141 221 1919 or drop us an This email address is being protected from spambots. You need JavaScript enabled to view it.. We are here to guide you toward making your dream of homeownership a reality!
