Commercial Lease

[Edgar 2]

I am renting out my shop to a new tenant who wants a 15 year lease and has agreed to pay £775 pm rent
It would be a full insuring and repairing lease
Would this have to be lodged with land registry and would stamp duty have to be paid and if so how much
There is no mortgage on the property

 

[Gyumri]

If you are asking these types of questions then you should instruct a solicitor. SDLT will possibly be need to be paid by the tenant but only if the value is of a certain level. Commercial leases particularly of this length need a property solicitor.

 

[Edgar 2]

If you are asking these types of questions then you should instruct a solicitor. SDLT will possibly be need to be paid by the tenant but only if the value is of a certain level. Commercial leases particularly of this length need a property solicitor.

Yeh the quote from solicitor mentioned SDLT but I thought that only applied when you were buying a property

 

[Gyumri]

Yeh the quote from solicitor mentioned SDLT but I thought that only applied when you were buying a property

The tenant is buying a lease? Anyway a solicitor is needed for this transaction .

 

[WaveJumper]

Who was going to write your 15 year lease

 

[Edgar 2]

Who was going to write your 15 year lease

The solicitor

 

[Edgar 2]

Is it different if it’s a shorter lease ?
I read something about under 7 years

 

[WaveJumper]

Pretty sure your solicitor should know all the answers, this surly is what your paying him for:

Stamp Duty Land Tax

You pay Stamp Duty Land Tax (SDLT) when you buy houses, flats and other land and buildings over a certain price in the UK.

www.gov.uk