Is buying a house from a friend any different? | Money | guardian.co.uk

Is buying a house from a friend any different? | Money | guardian.co.uk

Q We have been renting a three-bed house from our friends for the past five years. They have informed us they would like to sell as they need the cash. We do like the house and are thinking about buying it. It needs some work doing to it – some minor structural, but mostly cosmetic work – so we are hoping to reach an amicable price that leaves us with enough money to do all the repairs.

But as first-time buyers we are not sure of the legalities when buying from a friend. Do we still have to pay stamp duty and so on? And what is the best way to approach this kind of agreement?

A ...