I will try keep this short.
A family member of mine is wanting to buy a house but has a low income therefore can not get a big mortgage. So that they can get a bigger house I would like to join the mortgage with them for under £40,000.
I already own a house so technically I would be purchasing about 33% (total house value is £120,000) of what would be my second house.
Would we be subject to the increased stamp duty surcharge of 3% on the entire value of the property?
Or does this whole "if the transaction is less than £40,000 no stamp duty must be paid" save us from that hefty fee?
Thank you
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