The stamp duty classification for a property, either as ‘residential’ or ‘non-residential,’ is solely for stamp duty tax purposes. Even if a property is reclassified as ‘non-residential,’ bank lenders, local authorities, and insurers will continue to consider it as residential. Furthermore, if a ‘non-residential’ property is renovated and resold, it is likely to be reclassified as ‘residential’ upon completion, as it will be habitable. In summary, the stamp duty classification is specific to HMRC and does not impact any other organization’s evaluation of the property.
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