Selling a BTL property
Discussion
Im considering selling my BTL property to put the funds into something else.
The property is based in south Leicester and has had the same tenants in for the last 7 years (young family)
Is there any specific places to advertise a property like this? It would be an ideal opportunity for someone looking for a BTL that already has tenants in.
The property is based in south Leicester and has had the same tenants in for the last 7 years (young family)
Is there any specific places to advertise a property like this? It would be an ideal opportunity for someone looking for a BTL that already has tenants in.
sam_vfr said:
Im considering selling my BTL property to put the funds into something else.
The property is based in south Leicester and has had the same tenants in for the last 7 years (young family)
Is there any specific places to advertise a property like this? It would be an ideal opportunity for someone looking for a BTL that already has tenants in.
Do you think you will be able to sell it before 5 April? There are massive changes to how Capital Gains Tax is calculated, reported to HMRC and paid on residential properties from the day after.The property is based in south Leicester and has had the same tenants in for the last 7 years (young family)
Is there any specific places to advertise a property like this? It would be an ideal opportunity for someone looking for a BTL that already has tenants in.
I'm sure you appreciate this, but selling with tenants in situ will drastically reduce your potential market, and as someone who until recently worked for an estate agency, there don't seem to be that many keen BTL investors around these days, though your area may be different. Abolition of section 21, changes to tax rules, increasing burden of regulation along with a seemingly cross party willingness to paint landlords as the devil has had the predictable outcome....
Any estate agent can sell it, pick the one who seems to sell a lot of similar properties and can offer a realistic valuation based on evidence of recent sales. Talk to them about what the BTL market is like and whether they think it will get much interest. Going rate is about 1% + VAT, though varies with area.
Any estate agent can sell it, pick the one who seems to sell a lot of similar properties and can offer a realistic valuation based on evidence of recent sales. Talk to them about what the BTL market is like and whether they think it will get much interest. Going rate is about 1% + VAT, though varies with area.
Edited by anonymous-user on Wednesday 8th January 14:45
Eric Mc said:
sam_vfr said:
Im considering selling my BTL property to put the funds into something else.
The property is based in south Leicester and has had the same tenants in for the last 7 years (young family)
Is there any specific places to advertise a property like this? It would be an ideal opportunity for someone looking for a BTL that already has tenants in.
Do you think you will be able to sell it before 5 April? There are massive changes to how Capital Gains Tax is calculated, reported to HMRC and paid on residential properties from the day after.The property is based in south Leicester and has had the same tenants in for the last 7 years (young family)
Is there any specific places to advertise a property like this? It would be an ideal opportunity for someone looking for a BTL that already has tenants in.
whoami said:
Eric Mc said:
You will also only have 30 days after completion to report thee gain and pay the tax.
Is that the only change (to the capital gain element)?Depending on the circumstances around the history of ownership, lots of reliefs are being abolished or restricted.
You need to do some homework.
Only other one I know of being cut is last 18 months of ownership allowed to reduce CGT on sale of property being cut to 9 months.
The loss of the 40k letting relief will cost a sizeable chunk depending on wether you are a lower or higher rate tax payer.
I hope they are not going to get rid of the pro-rata reduction in CGT for any time spent time living in the property as primary residence.
That would be bad news but I suppose it could be the next knife on the radar to plunge into landlords backs.
The loss of the 40k letting relief will cost a sizeable chunk depending on wether you are a lower or higher rate tax payer.
I hope they are not going to get rid of the pro-rata reduction in CGT for any time spent time living in the property as primary residence.
That would be bad news but I suppose it could be the next knife on the radar to plunge into landlords backs.
ITP said:
Only other one I know of being cut is last 18 months of ownership allowed to reduce CGT on sale of property being cut to 9 months.
The loss of the 40k letting relief will cost a sizeable chunk depending on wether you are a lower or higher rate tax payer.
I hope they are not going to get rid of the pro-rata reduction in CGT for any time spent time living in the property as primary residence.
That would be bad news but I suppose it could be the next knife on the radar to plunge into landlords backs.
Main changes explained here - The loss of the 40k letting relief will cost a sizeable chunk depending on wether you are a lower or higher rate tax payer.
I hope they are not going to get rid of the pro-rata reduction in CGT for any time spent time living in the property as primary residence.
That would be bad news but I suppose it could be the next knife on the radar to plunge into landlords backs.
https://www.which.co.uk/money/tax/capital-gains-ta...
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