Is this the way to beat stamp duty? Savvy widower, 82, with a 10 room property 'downsizes' by splitting his home in HALF to live in one side and let the other

Mail Online | 8/10/2017 | Rachael Burford For Mailonline
tiana_101 (Posted by) Level 3
Click For Photo: http://i.dailymail.co.uk/i/pix/2017/08/10/16/43242C3500000578-0-image-a-61_1502380276613.jpg


Click For Video: http://video.dailymail.co.uk/video/mol/2015/11/26/8183462464945145201/1024x576_8183462464945145201.mp4

A pensioner came up with an ingenious way to downsize without having to leave his beloved his 10-room home.

Ken Hill decided to literally cut his property in two instead of moving away to a smaller place after 42 years.

Feed - Mill - Quarter - King - Lynn

The 82-year-old, who lives in a former feed mill in the old quarter of King's Lynn, Norfolk, took the drastic step after his wife Jean passed away.

The former council press officer bought the historic building in 1975 for just £5,300. Before being it split up the property was estimated to be worth more than £300,000.

House - Location - Mr - Hill - MailOnline

'I really didn't think of selling it. I like the house and I like the location,' Mr Hill told MailOnline.

'I didn't want to move so I thought about converting and converted the house into two, two-bedroom flats. I live in one and have let out the other. I still have my friends and neighbours around me'.

Mr - Hill - Home - Time - Research

Mr Hill split his home at a time when new research found more than one million pensioners would be encouraged to downsize if the Government offered an exemption on stamp duty.

A report by the London School of Economics also claimed that stamp duty is making the housing crisis worse because it is deterring older homeowners from downsizing.

Stamp - Duty - Home - Worth - £125

Stamp duty is payable when you buy a home worth more than £125,000 and can add thousands to the cost of larger properties, putting younger people off buying.

Mr Hill's solution meant he could still stay in the home he loves and, if he did wish to sell part of it off, younger people would not be put off by a huge price tag or the upkeep.

Renovations - Task - Building - Work - Year

But the renovations were not a simple task and building work took about a year to complete.

Mr Hill used the Shelter 'Architect in the House' scheme. The...
(Excerpt) Read more at: Mail Online
0 other people are viewing this story
Wake Up To Breaking News!
Vote for gridlock, it's our only hope!
Sign In or Register to comment.