BGBG

Selling a Buy to Let Property

Whether you own just one buy to let property, or a portfolio of rental properties, there are a number of things you will need to consider when it comes to selling a buy to let property.

Whether you own just one buy to let property, or a portfolio of rental properties, there are a number of things you will need to consider when it comes to selling a buy to let property.

Perhaps the first thing you will want to do is take tax advice. Selling an investment property that is owned in your personal name will trigger a charge to Capital Gains Tax based on the increase in the value of the property during your period of ownership (less certain costs).  There are certain options that will help reduce your CGT bill but you will want to consider these before selling the property as otherwise you may not be able to utilise them.

If your buy to let investment is held through a company then similarly there will be a charge on sale to Corporation Tax on the increase in the value of the property during ownership. In addition, you will need to consider the tax consequences of taking the sale funds out of the company.

You will also want to find a good agent to market the property for you. You can either sell the property with the tenant in situ (which might make the property more attractive to other buy to let investors) or wait until the end of your current tenant’s term and then sell the property with vacant possession so that the buyer could do as they like with it. Ending a tenancy is a tricky area legally so certainly speak to a solicitor n if you need to do this in order to get early legal advice.  Otherwise, it is worth contacting a solicitor as soon as the property is on the market in order that they are ready to begin work on the sale as soon as your agent finds a buyer.

For more information...

Please do not hesitate to contact an Everyman Legal Solicitor on 01993 893620 for a free discussion or email geoffrey.cotterill@everymanlegal.com

What do Everyman Legal charge?

Everyman Legal aims to price competitively but we do not seek to be the cheapest.  Our solicitors offer a high standard of service to each of our clients and our work is, therefore, priced accordingly. We can provide you with a quote for buying a buy to let property either by telephone or email on 01993 893620 or  everyman@everymanlegal.com

Our dedicated team of solicitors, based in Witney, Oxfordshire, would be happy to answer your questions.

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The Everyman Legal team acted promptly and with us in mind. We were treated as an important client even though the services for the transaction were fairly routine. They always went the extra mile to keep the process moving efficiently.