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Stamp duty - house- dwelling
mdean
Posts: 189 Forumite
Hi
Looking again for novel ways to buy - I have found a property which is split into 3 flats all currently let
I think it has been done so they are all proper dwellings with their own Council tax etc
the vendors are seeking £320k
My plan is to live in one flat (ground floor) and rent the others
Can I buy as 2 (or 3) transactions to reduce the stamp duty to 1%/ 0%
Anyone know?
Looking again for novel ways to buy - I have found a property which is split into 3 flats all currently let
I think it has been done so they are all proper dwellings with their own Council tax etc
the vendors are seeking £320k
My plan is to live in one flat (ground floor) and rent the others
Can I buy as 2 (or 3) transactions to reduce the stamp duty to 1%/ 0%
Anyone know?
0
Comments
-
Very unlikely. Besides you would need 3 mortgages, 3 deposits etc. so would it be worth it anyway?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
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 -
I would obviously need to work it out - ask my lawyer etc
My thoughts were 2 mortgages
1 on the ground floor flat inc freehold - this would be my home therefore residential mortgage. A similar flat is on the market for £120k so nil stamp duty here
1 on the other 2 flats BTL leasehold at £200k so 1% stamp duty costing £2k in tax
Buy as 1 property cost £320k Stamp duty is 3% £9.6k
Tax saving £7k
Prsumably if done properly it would mean the flats could be sold at a later stage
any thoughts welcome0 -
I would think you would only be able to do this if each flat is registered at the Land Registry individually. Otherwise, you are buying the whole property which just happens to be divided into flats, rather than three properties.0
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