If you purchase a commercial property with planning permission in place for conversion to residential but yet to be executed ie no commencement notice/building works, are you paying commercial or residential stamp duty on the transaction?
Anyone any ideas or experience with this? Thanks
Commercial - same stamp duty as residential land.
“Residential property” includes houses, apartments and any site that is bought with a connected agreement to build residential property on it."
If it is residential at 1% it’s possible. If it’s commercial at 7.5%, it’s not within my means. Maybe I need to rephrase my original question: Does planning permission for conversion to residential constitute a connected agreement?