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Traditional Sweet Factory Bungalow


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#1 ferdinand

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Posted 27 March 2016 - 07:55 AM

I had a thread yesterday about improving a small 3 bed bungalow.

Just noticed that Homes Under the Hammer had a fascinating piece about a bungalow in the next street, which was built by 2 brothers who's family still runs a vintage sweet factory in Nissan Huts at the back. Excellent social history. Dion Dublin does *not* look 46.

Empty since 1985, with the most wonderful bodges. They missed that the raised gravel at the front was hiding 3 treestumps - Google Streetview would have told them that.

Before - press play and it jumps to the correct point.
http://www.bbc.co.uk...9#playt=0h1m35s

After
http://www.bbc.co.uk...#playt=0h24m28s

An example of the type of project Mr O has just damaged. Bought for 62k, 41k spent, sold for ~125k. Nominal 22k profit. If done by small developers that will have 6k extra tax on it - 3% both ends.

Ferdinand

Edited by ferdinand, 27 March 2016 - 07:56 AM.


#2 ProDave

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Posted 27 March 2016 - 08:42 AM

I agree with your dislike of the extra stanp duty. But if bought by a developer and then sold to an owner occupier, that would only apply to the purchase not the sale?

What Mr O is doing is trying to discourager private buy to let landlords. I have to say I am not sorrt now to be out of buy to let. It did us well for 10 years, but now when I see what Landlords are having to spend on their properties to meet all the new rules, and all the other changes, there's not much money to be made from the rent, and in the present climate I wouldn't bank on expecting to make much from capital appreciation. Only last week I was speaking to the letting agent in town and she was moaning about all the extra paperwork she is now having to do for each property.

My fear with this is the law of unintended consequences. The extra stanp duty will hit a self builder who buys a wreck to knock down and rebuild, and makes the purchase before he has sold his old house.

Edited by ProDave, 27 March 2016 - 08:44 AM.


#3 PeterW

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Posted 27 March 2016 - 09:24 AM

The definition of "what is a house" is going to be key for the additional stamp duty and how it is applied.

I've seen two recently where there are building plots that have elements of the old "house" within them - one has a garage, the other a series of outbuildings.

Given neither can be occupied, but both are incidental to the use of the original house and the planning includes the reuse of one, does it count as a second home or not ..???

As usual, a lovely tax conundrum ..!

#4 cjard

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Posted 12 April 2016 - 04:35 AM

Unoccupied since 1985 and they wind on about having to knocking down the rear extension if there is no planning permission for it?

Yeah right.. Though they probably can't be seen to condone the 4/10 year rules...

Edited by cjard, 12 April 2016 - 04:36 AM.