Half share in second property-stamp duty?

Fedupoflease

I own one property and am considering investing 50-50 with a friend in another, he doesn't own any currently.

Is it possible to have a 50% share in the property if it's bought in his name so we don't pay the 3% stamp duty?

Thanks

teddysmum

You will pay stamp duty as you already own a property, so affect the friend, too. (Married couples have asked, on here, if they can get away with the duty, if one owns another property, and the answer is 'no').


If you buy in the friend's name only, then you legally don't own the property and have no call on it.

Fedupoflease

Ok thanks for the clarification. So if I did pay half and use my friends name it would entirely down to trust, effectively a loan to them?

AdrianC

Whether it's a loan or a gift is between the two of you - and any paperwork you may draw up between you. But you would not have any legal say in the property itself, no.

Fedupoflease

Thanks for clearing that up for me