A residential lease was purchased many years before December 2003 under the old Stamp Duty rules.
The property is the principal residence.
A premium of £995,000 has been agreed with the Landlord to extend the lease by 90 years under the 1993 Act. There are no other variations to the terms of the proposed renewed lease. Under these circumstances is the premium exempt from SDLT?
Put another way, can anyone explain to me IN CHILD'S LANGUAGE the fundamental tests to SDLT exemption on lease extension premium, and in this context what does 'holding over' mean?
Alternatively, does anyone know an expert on this particular aspect of SDLT exemption?
Any advice or direction would be most welcome and appreciated.
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