Ferdinand

Building Plot in St Johns Wood

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I am always fascinated with this sort of place. The short leasehold is probably the reason it is run down, as freehold it would be worth over £20m.

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The Freeholders have offered to sell the freehold for £13m, funny enough the leaseholder wants to pay rather less for it...

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If I offer £10m for the property and then get the freehold for another £13m, how does my stamp duty liability work out?

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I don't know on that.

 

Surely the leaseholder should have a right to purchase the freehold if residential, (as it is more than 21 years?) and the difference should then in theory be the marriage value? And that can be determined by the 1st Tier Tribunal (?). 

 

F

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Short leases are funny things.  We very briefly looked at the Isles of Scilly as a place to move to, but very high property prices.  Then you find some seemingly cheap detached properties out of the town, and they are cheap because they are on a Dutchy of Cornwall 25 year lease, so not such a bargain after all.

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Beautiful street but a pile of gold for the plot plus another pile of gold for taxman...

Edited by Shah

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