There's a business premises for sale as two lots. Lot 1 includes a house and workshops plus an agricultural area and is on for 340. Lot 2 is an agricultural area plus workshops and is on for 105. I thus assume that the seller wants around 445 but i really don't think that the business is worth that due to its poor state, and I put the value closer to 350
Me plus my boyfriend (Jim) are insterested in the side with the house. I've no interest in the other lot, nor some of the assets in "my" lot. Jim's mother is interested in the other lot.
The seller has indicated they are open to offers and even changing the division of lots. I'd like to propose a change to the lots such that the parts I'm not interested in, go with the other lot, and Jim's mother can offer 125 for that lot. I can sub an offer of 250 on the lot i'm interested in. If the seller wants more I can probably reasonably offer another 20 for the agricultural machinery etc that is on site as chattels (?)
if this were accepted I figure the SD would be 1% OF 250K which is far more palatable than paying 3% of 350 - 370K when that extra 10 K would go nicely into rejuvenating the business
The problem I have is in establishing separation of the interests; Jim and I are not married but we probably will one day and we would be getting a joint mortgage on the house to afford lot 1. His mother is only a friend whom I've said to "hey, here's an opportunity for you" and sparked her interest. Thus I view the transaction as not linked any more than me and jim's mother purchasing 2 houses on the sam estate from the same builder because we found them good value
The problem is I think it would establish a link if it were put to the seller as a package deal - that I won't buy lot 1 if jim's mother doesnt buy lot 2 (because I won't, simply because I want someone friendly towards me to purchase the other side; it has some facilities that my lot could use to run more effectively), and I'm concerned that HMRC would declare a transaction linked if Me+Jim buy lot1 together and Jim's mother bought Lot2.
I *might* be able to raise enough money from the bank on my own to afford lot 1, which removes the "joint" aspect of me+jim though that would cause issues to the relationship..
Any advice on how such a property could be purchased so as to avoid establishing a linked transaction and minimise the SDLT?
Thanks
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