Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
8:15 AM, 26th January 2017
About 2 years ago
I am interested on any advice people can give on my current situation. I am looking to buy a house that has been divided into two flats – with a view that at some point I’d like to separate these officially to leaseholds – as I believe they will be worth more on this basis.
So far I have established the properties are acknowledged for council tax and have been for 15+ years, as two flats. I think therefore I will not need planning permission to create two leaseholds.
The services may have been separated – I need to check – but certainly the heating upstairs is electric and downstairs gas.
Is there a method of separation that’s required?
Do I need to check building regs? If so how would I do this?
Finally, I assume there are tax implications. Would I be liable for CGT at the point of separation, or the point of sale?
Finally is there anything else I need to consider? I am also working on the basis I will need plans drawn-up for the solicitor, to identify what makes-up each property for the purposes of the lease.
Any help/advice very gratefully received.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More