Prince William and his wife will get a swanky new London home. William and the Duchess of Cambridge, who are based in remote Wales, have picked an apartment in historic Kensington Palace as their permanent London base, officials said Sunday. Plans are under way to transform the apartment — currently used for exhibitions and humble offices — to quarters fit for the newly weds, said William's spokesman, Miguel Head. The apartment they will live in was most recently inhabited by Queen Elizabeth II's younger sister, Princess Margaret, who lived there from the 1960s to 2002. Kensington Palace itself also was the residence of the late Princess Diana, William's mother, and the prince had lived there with his brother Harry when he was younger. William now lives with his wife in a rented house in Anglesey, north Wales, where he works as a Royal Air Force search and rescue helicopter pilot. When the couple visit London they currently use another, smaller property at Kensington Palace as a temporary home. Palace officials said they expect Prince Harry will move into that property once the couple moves to the new quarters. It added that the couple will continue to divide their time between London and Wales after their new home in the capital becomes ready, which is expected to be in mid-2013.