# Buying additional parking space ...



## thos (31 May 2008)

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


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## rmelly (31 May 2008)

thos said:


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


 
You may only be allowed sell to other Apartment owners.


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## Madangan (31 May 2008)

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?
> ...


 
Yes you will need a solicitor...unless you are familiar with the intricacies of conveyancing etc...


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## babaduck (3 Jun 2008)

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


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## MsGinger (3 Jun 2008)

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.


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## ClubMan (3 Jun 2008)

Renting such a space out might be an option depending on the management company lease/rules etc.?


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## thos (3 Jun 2008)

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 ...


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## Hillsalt (3 Jun 2008)

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.


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## NicolaM (4 Jun 2008)

Hi Hillsalt
These are presumably spaces belonging to your apartment, as opposed to random free spaces?

Nicola


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## thos (5 Jun 2008)

Anyone hazard a guess on what rate of VAT is applicable to such a purchase?


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## cinders (19 Jun 2008)

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.


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## FredBloggs (20 Jun 2008)

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


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## rmelly (21 Jun 2008)

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


 
Did she mind him using her space? Did he split the rental income from his space with her?


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## FredBloggs (22 Jun 2008)

rmelly said:


> Did she mind him using her space? Did he split the rental income from his space with her?


 
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


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## gebbel (22 Jun 2008)

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





FredBloggs said:


> She didn't know as parking was in basement under the building and no he didn't split the rent with her.



He sounds like a nice upstanding kinda guy.


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## FredBloggs (22 Jun 2008)

gebbel said:


> He sounds like a nice upstanding kinda guy.


 
Thought he was doing wrong by the old lady and I told him.  Not sure about the Revenue though!


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