9:19 AM, 5th June 2023, About 6 months ago 26
Hello, last September I purchased the second flat in a converted Victorian house for which I already owned the first flat and the freehold. For whatever reason, I was obliged to merge the leasehold on the second flat with the freehold in order to obtain a loan to buy it. The second flat was uninhabitable at the time of purchase. I have now renovated the flat and would like to get a normal BTL mortgage but I cannot find someone to lend on a freehold flat.
As I understand it, if I create a new lease and grant it to myself, this will involve paying SDLT as a minimum and possibly CGT as I have increased its value from £380k to £450k. I am happy to pay for advice on the matter but want to find someone who can actually give me advice on whether my understanding is correct and what the best way forward might be. Is there anyone out there on this lovely site who can give either paid or free advice, please?
Many thanks for any and all comments,
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