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Posted Tue, 21 May 2024 05:26:28 GMT by Christina28
Hello, I am selling my home that is made up of four flats.nI have lived in one of them the entire time and rented the other three out. How do I work out the percentage of my flat? Do I measure the floor space in square foot for example? Also, can I include my front and back garden in my percentage as it was part of my flat and was never used by the tennants. Thank you.
Posted Wed, 22 May 2024 11:09:17 GMT by HMRC Admin 10 Response
HI
If the flats are all the same size then you would take 1/4 as being your own.If not, then it will be based on the floor space if there has been no price allocated to each individual flat. The garden would need to have been fenced off as part of your own flat and be shown as such on the title deeds to qualify as only yours when working out any gain.
Posted Wed, 29 May 2024 14:02:28 GMT by Christina28
Hello, Thank you for the reply. It seems that there is no plan on the deeds that shows this, it only shows the boundry of the property. Would a description in words suffice or does it have to be a drawn plan? Also, the three flats have an entrance that is separate to the ground floor flat (which has direct access to the garden) and all four of the flats show up separately in the land registry search. Would this not be enough to show that the garden is separate from the three flats? Just want to double check before going ahead with working out my percentage. Thank you
Posted Mon, 03 Jun 2024 11:53:24 GMT by HMRC Admin 19 Response
Hi,

Yes, this would suffice.

Thank you.

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