reason for folio split

Z

Zeus2020

Registered User
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hi
i am selling a house and land all in one plot and one folio number
the auctioneer has been asked by the buyers if i would be willing to get an engineer and seperate folios for the land
said something about it incurs lower stamp duty for the buyer
i said yes i dont mind but now im beginning to ponder if this was a wise move on my part
I was hoping to close sale soon and need the money for another project
So my question is.... if this is a regular request and how long will this process take also the land has a site for one house maybe two houses to be built and is this the real reason for the split
thanks in advance for any replies
 
Assuming the buyer is going to purchase the house and land, my understanding (very happy to be corrected) is that the estate agent/your solicitor can assign the house and up to 1 acre land to residential stamp duty and the rest will then be subject to commercial stamp duty. The folio doesn't need to be formally split. (I am basing this on a very recent failed purchase).
 
Thank you for replies yes checked with auctioneer and that’s it as outlined above
Also worried now that it may take too long and have a failed purchase
 
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