If a person owns a freehold garage worth ~£16k, if they then purchase their first residential property, would this house be considered as a '2nd property' for SDLT purposes and then attract the additional 3% stamp duty? The proposed house price is under £500k.
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Sounds like the size of my first flat :-).
OP, the higher rate rules only start to kick in when you own another residential property (hence anonymous's comment above) and that residential property is worth £40K or more.
If you stuck a camper van on a hydraulic jack in the garage, would that garage then be a dwelling? If the camper van rolled off the jack and smashed through the floor, would it be an integral feature?
‘Bijou, fresh air accommodation off the beaten track. No mod cons’.
I thought the same, but the mortgage advisor thought this. I always got the impression from the SDLT forms, that non-residential property of low value did not come into the same category, but the mortgage advisor was adamant.
Thanks for the help :)