Buying a property & selling bits off....

[Chr1sch]

Hi all,

Very quick one,

We are hopefully buying a modest farm house with some stables and land....

Should hopefully be able to get planning to turn the stables into residential (half of them already are...) and then the idea would be to sell them off with planning to fund the renovation of the main property.

Say for easy numbers-sake we sold the Barns with planning for £150k, what is the best way to structure such a sale and what kind of tax/capital gains implications are there? (e.g. if i did a minimal amount of work and then sold it would that help? such as running water etc)

I just have no idea, however i'd like to understand ideally what i can bank on taking out of it to plan ahead around the main property...

e.g. Sell for 150k, get 100k in bank or what ever that looks like....

(For reference i'm a PAYE man who has to do a self assessment so not sure if there are implications there in terms of declaration of income etc?)

Many thanks

Chris

[Chr1sch]

Anyone?

[Chr1sch]

Right ok thanks

[Chr1sch]

Thanks guys massively appreciated

[Chr1sch]

Eric Mc said:

The main difficulty will be obtaining change of use planning permission - if it hasn't been obtained already.

I don't believe it has as yet, but given one half of the Barn is already residential I'm hoping that precedence is clear?

[Chr1sch]

Yes that is very true, we are buying it anyway but the real value to us would be to sell the barns as a security blanket and use some cash to invest but equally put some in the bank (hence the questions about what the financial bit would look like)