Buying a half-share in an investment property

[crackerjak]

I am wanting to buy a half-share of my friends investment property. What is the process i need to go through, and who do i talk to about it?

Do i get the property valued, at current market value etc.. ?get my own separate loan?
and how are costs shared 50:50 - do we have to get a joint bank account for tax purposes etc...?

Any help would be greatly appreciated. Thanks

[jedimistress]

I imagine you would talk to your friend about how much he would sell you a share for. But it generally reflects the current market value. An estate agent will do a free valuation.

One step would request that a solicitor does a "transfer of equity". That is to transfer the property from your friends' name into joint names.

Costs would be something you would decide between you and your friend. As will how you finance your putrchase of a share.

Bank accounts have no bearing on tax. It would not matter if you kept your money under the mattress, tax will be the same. I expect it may be easier if you are going into a partnership, and would be filling out partnership tax returns and personal tax returns to have all the property expenses coming from one account.