• Annexe Valuation

    By Guest on 10th Dec 2017

    Hi, We are buying a property that has an annexe. The annexe is self contained, with a separate accesses. Electricity, Gas and Water is ahead with the.main property. Current owners had rented out the annexe and the annexe is separately registered in the city council. The annexe is a converted garage. We are selling our only main residence and buying our next main residence to-be. Our solicitors are suggesting we may need to pay a surcharge of 3% on the transaction unless we can confirm that value of the annexe is less than 1/3rd the main residence. We have got an RCIS certified surveyor to value the annexe but they were unable to do so as there is no independent boundary to the annexe. Previously the council had performed an assessment for banding purposes and put the annexe on Band A. We have reached to estate agents who haven’t come forward to provide a value for the annexe either. We find it strange that people who are in the real-estate business are unable to suggest how we as lay men can go about this. The solicitors have suggested us give this in writing and we feel exposed. We feel we will only be held liable if HMRC rules we have avoided the surcharge. How can we propose a value for a property and will it be credible if matter is taken to court? Appreciate any help to our predicament. Many thanks -P

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