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HP mum
Member
Last Activity: 23-02-2018, 17:58 PM
Joined: 09-10-2008
Location: London
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  • I'd quite like to go up and down - if finances allow. Especially as the foundations would need to be strengthened/ under-pinned - so whilst down there, I might as well dig out a basement??...
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  • Thank you all. Just wanted to verify the status quo from the discussion. I think you have clarified things well.
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  • HP mum
    replied to Stamp Duty query
    Thank you JP this helps me. It's good to know the property value / duty payable is separate from the debt....
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  • HP mum
    replied to Stamp Duty query
    thanks for the reply.

    Still a bit confused. If the debt is not a mortgage; rather a loan charged against a property does that make a difference?

    In such a poor market it is difficult to ascertain what is the "worth".

    If a transaction went through at...
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  • HP mum
    started a topic Stamp Duty query

    Stamp Duty query

    I originally posted in the finance section - but I now think this is more of a tax question. Some questions arose during a discussion yesterday and I just wondered if anyone has any thoughts/ answers on the below?

    1stly) If someone (or company) buys a debt that has a legal charge over...
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  • I think perhaps I need to re-word my question!

    1stly) If someone (or a company) buys a debt that has a legal charge over a property do they pay stamp duty?
    In my mind, if you buy a debt you are not transacting on the property so I would think no duty is payable?? Yes/No??
    ...
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  • Thanks - yes I have asked regularly but the leaseholder isn't interested. Shame.
    They may change their mind eventually. But for the moment I am exploring the idea of digging below it rather than incorporating it.
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  • HP mum
    replied to Lease extension
    you do need a solicitor.
    Its a horrid process and you need money to pursue it. You will need to appoint your own valuer and lawyer; and most likely pay for the Freeholder's valuer/legal fees too. You should get a good idea up front of potential fees to be incurred by the valuer and the lawyer....
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  • HP mum
    started a topic Clearing legal charge question

    Clearing legal charge question

    A question cropped up in a discussion today: someone borrowed money and the loan was charged against a property.
    If that loan and accrued interest is then sold to someone they are effectively not buying the property, they are buying a debt - so is it correct that they do not pay stamp duty on...
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  • Thanks MK1. Ironically I have been put through almost 5 years of building work (noise/ disruption) by the same neighbour. They didnt live in it but we had to 'endure' builders all this time.
    This is still a little dream I want to explore.
    Also of interest is Sajid Javid - Secretary...
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  • thanks Ram for your input. This is not about making money or turning it into flats. Its a small structure and the intention is to make most of what I've got for me to live in; not rent out - and, not that I know you, but you don't have to live in this basement!!.
    There have been some amazing...
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  • Thanks for the replies.
    I haven't started working on the costings yet - I am just working on the overall design and what I would like to do, and that includes adding a floor and digging down, excavating apx 800sqf. But that is not the issue - my question was really about IF I can dig below...
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  • digging basement under FH house

    I own a FH property and am planning to renovate it. It is a 3 floor property with garages at ground level. One of the garages is held on a Lease by s/o else - but I own the FH. I want to create a basement dig under the whole FH, including the leasehold garage. Initial talks with my lawyer suggests...
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