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MrBig

Buying House As 3 Flats: Stamp Duty, Solicitors Fees, Conversion Back To Single Dwelling?

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Hi,

I'm considering buying a house that was converted into 3 flats. I'd like to know about:

1. Stamp Duty - is this payable on the total purchase price of 3 flats or on 3 separate transactions

2. Solicitors fees - will their be 3 sets of solicitors fees

3. Conversion - I would like to combine two flats into one, Anyone have experience of this, is the planning/building regulations difficult etc?

Regards,

Andrew

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3 separate properties (eg 3 sets of council tax, 3 sets of deeds) = 3 sets of stamp duty.

A solicitor should be able to quote for a 'bulk job' or provide a decent discount - especially if all from the same seller.

Conversion back shouln't be a problem - will need to adhere to building controls rather than planning permission - your local planning office will be able to give free advice over the phone or you can usually email questions.

You need to do all this work before even thinking about whether you want to buy it/them.

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You have timed this quite well, as you should be able to make use of a new rule introduced in the last budget which allows you to pay stamp duty at the rate for the average price of the properties you are buying, rather than on the whole price. For example if each flat costs 100k, then, even though you are buying 300k of property you would pay no stamp duty (below 125k per flat). Before this change you would pay stamp duty at 3% - the rate for properties between 250 and 500k.

You have to make sure your solicitor applies for this dispensation as otherwise you would pay the normal rate on 300k.

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3 separate properties (eg 3 sets of council tax, 3 sets of deeds) = 3 sets of stamp duty.

A solicitor should be able to quote for a 'bulk job' or provide a decent discount - especially if all from the same seller.

Conversion back shouln't be a problem - will need to adhere to building controls rather than planning permission

Not ture.

If the flats have been split up oficially you will need PP to put them back together again

tiom

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  • 331 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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