SDLT on Leasehold Property

[suvvers]

Good Morning CAGgers,

 

I'm after some info please. My wife and I are purchasing a flat and we're unsure about whether we have to pay SDLT or not. The purchase price is £125,000 which according to gov.uk and HMRC website falls below the SDLT threshold, but I'm also starting to find things about because it's a flat and a leasehold property there may be SDLT to pay on the lease. The flat was built in 1979 with a 999 year lease so that leaves 964 years left (long after I'm worm food lol). The rent on the property will be £150 twice yearly.

 

Please can anyone help as to whether SDLT is payable and how much...and maybe explain it in easy to understand terms unlike the government websites?

 

Thanks

Steve

[marmaris30]

The lease is apparently not being renewed so the only thing relevant here is the sale price which, as you correctly state, is below the SDLT threshold.

 

There might of course be some additional fees (not SDLT) for transferring the lease, but that's a separate matter.

[stu007]

Hi suvvers

 

As this is to do with leasehold property I am going to move your thread to the Residential and Commercial letting Area, I will leave a short redirect for you.

 

I feel you will get better advice in that area.