Buying additional parking space ...

T

thos

Registered User
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Folks,
Some parking spaces in my apartment complex have recently been offered for sale, and I'm looking at purchasing.

My main question is, what exactly would I be buying - ie; a leasehold similar to the apartment, or is this done differently? I'm in the apartment 2 years, would this kind of purchase still warrant solicitor involvement?

From experience, can anyone tell me if the 'extra' parking space can then be sold on seperately?

Thanks,
Tom
 
thos said:
Folks,
Some parking spaces in my apartment complex have recently been offered for sale, and I'm looking at purchasing.

My main question is, what exactly would I be buying - ie; a leasehold similar to the apartment, or is this done differently? I'm in the apartment 2 years, would this kind of purchase still warrant solicitor involvement?

From experience, can anyone tell me if the 'extra' parking space can then be sold on seperately?

Thanks,
Tom
Click to expand...

Yes you will need a solicitor...unless you are familiar with the intricacies of conveyancing etc...
 
Most developers deed it so that the space can only be sold with the apartment & not passed on to a third party in a separate sale
 
We also tried to buy a second parking space, but pulled out when as babaduck said, we were told by our solicitor that we could not sell it separately, but only with the apartment.
 
Renting such a space out might be an option depending on the management company lease/rules etc.?
 
Thanks for the replies folks.

The area is really just residential, so wouldnt see much of a market for selling externally. I'd be happy if I could sell on either with the apartment to boost value, or onto another resident.

Now to figure out if it's worth a Top Up, and how much a solicitor will screw me for ...
 
I rent out 2 spaces that are unused by tenants. I see others doing similar. I have a Lease Agreement with the people who rent the spaces from me which highlights that if future tenants require a parking space, I will give the guy renting my space 2 weeks notice.

I also declare it in my tax returns.
 
Hi Hillsalt
These are presumably spaces belonging to your apartment, as opposed to random free spaces?:confused:

Nicola
 
Anyone hazard a guess on what rate of VAT is applicable to such a purchase?
 
hi, i'm considering buying a 2nd parking space in our apt complex. Does anyone know what rate of Vat applies & if stamp duty is also due on such a purchase? thanks.
 
Slightly off subject but a couple of years ago my brother in law lived in an appartment beside an old lady who hadn't a car. He used park in her spot and he leased out his own spot. AFAIK (pretty certain on this) he didn't declare this income
 
FredBloggs said:
Slightly off subject but a couple of years ago my brother in law lived in an appartment beside an old lady who hadn't a car. He used park in her spot and he leased out his own spot. AFAIK (pretty certain on this) he didn't declare this income
Click to expand...

Did she mind him using her space? Did he split the rental income from his space with her?
 
rmelly said:
Did she mind him using her space? Did he split the rental income from his space with her?
Click to expand...

She didn't know as parking was in basement uner the building and no he didn't split the rent with her. What he did was certainly wrong and how he got away with for so long (3 years before he moved) baffled me. But she never went down there and her visitors didn't seem to know the space exiseted and parked out on the street
 
FredBloggs said:
A couple of years ago my brother in law lived in an apartment beside an old lady who hadn't a car. He used park in her spot and he leased out his own spot. AFAIK (pretty certain on this) he didn't declare this income
Click to expand...

FredBloggs said:
She didn't know as parking was in basement under the building and no he didn't split the rent with her.
Click to expand...

He sounds like a nice upstanding kinda guy.
 
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