Buying house already converted into 2 flats

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    #16
    My advice as a broker is to have a discussion with a quality Conveyancing Solicitor regarding all related legal matters given that this is not a strait forward transaction. Any form of qualified advice comes with a fee to pay but better you get it right at the beginning.

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      #17
      Are you buying one freehold title ( for the entire house ) ? You should visit Land Registry online website and enter the postcode for house and check if there just one freehold title or one freehold title plus two leasehold titles ? You can pay £3 by credit card for each title and download the property title.

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        #18
        ftb_lhr,

        I would not rely on a mortgage broker to give tax advice. The HMRC SDLT manuals are readily available for you to access online yourself. A conveyancing solicitor may be able to help but it’s not unheard of for them to fluff up when it comes to things like MDR and the higher rate of SDLT so choose one that has experience of these more complex transactions.

        You could go down the MDR route but one of the properties will be an additional residential property and therefore attract the higher rate of SDLT.

        The guidance for the FTB SDLT Relief has a section on linked transactions.

        https://assets.publishing.service.go...dance_note.pdf

        As for your idea of buying a single property and splitting it yourself you won’t be able to do that with a residential mortgage. For something like that you’d be looking at development finance.

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          #19
          Thank you all. I just wanted to update this with 2 key relevant pieces I found on this topic:

          1. A blog article from a big name law firm with a very explicit example of a UK resident, first-time homebuyer:

          https://www.withersworldwide.com/en-...welling-relief

          2. A very thorough and detailed example of MDR experience from a first time buyer. Comically, no one is able to arrive at the Conveyancing Solicitor's numbers ( SDLT of £7,760 on total Purchase price = £342,000).

          https://forums.moneysavingexpert.com...st-time-buyers


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            #20
            Originally posted by Gordon999 View Post
            Are you buying one freehold title ( for the entire house ) ? You should visit Land Registry online website and enter the postcode for house and check if there just one freehold title or one freehold title plus two leasehold titles ? You can pay £3 by credit card for each title and download the property title.
            I would expect it is freehold + 2 long leases because I have seen the individual masionette apartments also listed for sale independently of the full house.

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