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stamp duty split?
lewolf
Posts: 62 Forumite
Hi, 
I'm considering buying a property with a friend (50/50 split). If the house was valued at 300K, would we be liable to 3% duty on the whole purchase price, or just 1% stamp duty on each of our £150K?
Thanks
Nell
I'm considering buying a property with a friend (50/50 split). If the house was valued at 300K, would we be liable to 3% duty on the whole purchase price, or just 1% stamp duty on each of our £150K?
Thanks
Nell
0
Comments
-
Hi Nell,
It's based on the purchase price of the property, not how much each of you spends.
I'm not an expert but I'd I'd put my house on it because many [most?] properties are bought by more than one person.0 -
More important is to have a solicitor draw up an agreement with regards to ...well...everything. What happens if one of you needs to sell up,etc,etc.
You may be friends now and all seems good but don't forget 'money is the root of all evil'
Tass0 -
Even if you managed to buy half of it on 5th April and half on 6th April, the taxman will see it as a connected or linked transaction, so I'd budget for the 3%
A house isn't a home without a cat.
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I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0
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