Hey guys,
I am currently buying a flat for £250,000 and the vendor has agreed with the freeholder (landlord) that the lease will cost £9700. Now of course if this is classed as a linked transaction, I will have to pay 3% rather as the overall value would be £259,700 rather £250,000 which would make the stamp duty 1%. However as I will be purchasing from the vendor and extending the lease with the freeholder, these 2 transactions are not with both the same buyer and seller so from what I understand, this would not be classed as a linked transaction.
I was wondering if anyone can help on this and if anyone has come across this type of situation.
I'm on the verge of exchanging so would really appreciate if anyone can get back to me ASAP.
Many thanks.
Adam
I am currently buying a flat for £250,000 and the vendor has agreed with the freeholder (landlord) that the lease will cost £9700. Now of course if this is classed as a linked transaction, I will have to pay 3% rather as the overall value would be £259,700 rather £250,000 which would make the stamp duty 1%. However as I will be purchasing from the vendor and extending the lease with the freeholder, these 2 transactions are not with both the same buyer and seller so from what I understand, this would not be classed as a linked transaction.
I was wondering if anyone can help on this and if anyone has come across this type of situation.
I'm on the verge of exchanging so would really appreciate if anyone can get back to me ASAP.
Many thanks.
Adam