Buying and splitting 2 self contained flats in one Freehold into Leaseholds?Make Text Bigger
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.
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