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Two professional artists P and C who are friends but not otherwise connected with one another own the freehold of a London property equally as tenants in common. The property has three floors which are divided internally such that P and C each have exclusive use of one-and-a-half floors.
The arrangement is not documented and no licences or leases have been entered into. P and C use their respective units as artist studios and exhibition space. Each unit has its own bathroom and kitchen but the properties are not currently used as private residences although they may each be ‘suitable for use as a dwelling’ for the purposes of determining which stamp duty land tax rates apply.
P and C now wish to formalise the division of the property to afford themselves more freedom to deal with their respective units.
They have been told that creating two so-called ‘flying freeholds’...
