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In agony over selling or sticking with sole BTL
Comments
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You can’t sanely put it in an auction until after your tenants have left.
But have just served S21 and want to sell by March 30th, so have to. If tenant has not handed in notice by Feb 1st, might have a problem. Most auctions are around Feb 5-25.
Is it wise to pop it into several auctions?" I refuse to allow the banker to be the only one who laughs!":beer:0 -
mrsmumbles wrote: »But have just served S21 and want to sell by March 30th, so have to. If tenant has not handed in notice by Feb 1st, might have a problem. Most auctions are around Feb 5-25.
Is it wise to pop it into several auctions?
I don't know where to start.
NO.
Only a tenant or a court can end a tenancy agreement.
You need to read back through your replies and start taking them seriously. If you don't understand, find the quote button and ask.
Because you stand here to lose more than you will
gain. And you are being warned of that. No one is going to dig you out of a hole if you're suddenly 'lucky' enough to exchange contracts at more than one auction, doubled by a tenant that is lawfully resident until the Court removes them.
I'm wondering if this is a wind up.Everything that is supposed to be in heaven is already here on earth.
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mrsmumbles wrote: »Thanks for this advice. Very interesting. I was there yesterday and now have to redecorate. Tenant v messy and I get it is their hone but blimey they have let it slide.
They just wont tidy up but do not mind if I do!!! It is in their interests.
I could put it into a few early feb auctions and also use an estate agent in case there are local cash buyers, couldn't I?
S 21 gonna get there tomorrow so we are looking at end of month.
Why is it in the tenant's interests to tidy up? Maybe the tenant enjoys living like a slob, some people do. I can see why it's in your interests to tidy up to help with the presentation for potential buyers but the tenant has no incentive to keep the place tidy because you wanting to sell up is resulting in him having to move which is a PITA.0 -
Why the desperation to sell at auction again?0
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No, not a wind up. Just very very busy and on a big learning curve with !!!! all time to learn it in. And I cannot afford the huge low drops in starting price at auctions. It would write off nearly seventy grand. So have now got 9 weeks to sell a house the conventional way. Cheers for that.Doozergirl wrote: »I don't know where to start.
NO.
Only a tenant or a court can end a tenancy agreement.
You need to read back through your replies and start taking them seriously. If you don't understand, find the quote button and ask.
Because you stand here to lose more than you will
gain. And you are being warned of that. No one is going to dig you out of a hole if you're suddenly 'lucky' enough to exchange contracts at more than one auction, doubled by a tenant that is lawfully resident until the Court removes them.
I'm wondering if this is a wind up." I refuse to allow the banker to be the only one who laughs!":beer:0 -
Crashy_Time wrote: »Why the desperation to sell at auction again?
Well since I posted I realised that this would result in a poor deal for me, so that bubble has burst. I had thought it would be the fastest way. I am too late for the Feb deadlines so stuff that, not paying 2.5% for that. Will try to sell it via agents and if tenant leaves, fine, will probably keep trying to sell until mid March and then look for another rental agreement if the original tenant has left. Them staying on after all this will be interesting." I refuse to allow the banker to be the only one who laughs!":beer:0 -
Lover_of_Lycra wrote: »Why is it in the tenant's interests to tidy up? Maybe the tenant enjoys living like a slob, some people do. I can see why it's in your interests to tidy up to help with the presentation for potential buyers but the tenant has no incentive to keep the place tidy because you wanting to sell up is resulting in him having to move which is a PITA.
It is in his interests because i offered him money!" I refuse to allow the banker to be the only one who laughs!":beer:0 -
Do the sums and prioritise.mrsmumbles wrote: »No, not a wind up. Just very very busy and on a big learning curve with !!!! all time to learn it in. And I cannot afford the huge low drops in starting price at auctions. It would write off nearly seventy grand. So have now got 9 weeks to sell a house the conventional way. Cheers for that.
Yes, April 2020 is a change in PRR/lettings relief. What will that ACTUALLY cost you?
If it's cheaper to make sure you're shot of the property before that deadline, so long as it fetches at least £x - then put it in an auction with a reserve. That reserve will make sure that it doesn't sell for less than the tipping point amount. Otherwise, take your time and sell normally.
One thing's for sure - rushing into a sale will only ever raise less than taking time. And 9 wks to completion is wildly optimistic. ESPECIALLY when the property is still likely to be tenanted at the end of that 9wks...0 -
Surely, for CGT purposes, it’s the date of the contract that counts, not completion?
One thing that you can do to speed up a sale is instruct a solicitor now, and get him to carry out the searches on behalf of your potential buyers. That’s going to cost a few hundred pounds, but the searches are one of the main things that holds up exchange of contracts. If you sell, the buyers will pay for the searches. Of course, if you don’t sell, it’s just wasted costs.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Do the sums and prioritise.
Yes, April 2020 is a change in PRR/lettings relief. What will that ACTUALLY cost you?
If it's cheaper to make sure you're shot of the property before that deadline, so long as it fetches at least £x - then put it in an auction with a reserve. That reserve will make sure that it doesn't sell for less than the tipping point amount. Otherwise, take your time and sell normally.
One thing's for sure - rushing into a sale will only ever raise less than taking time. And 9 wks to completion is wildly optimistic. ESPECIALLY when the property is still likely to be tenanted at the end of that 9wks...
Accountant and I did the sums and it is losing a tax break of £40,000 plus overall cgt liability coming in at around £25k.
The auction lot have been utterly useless. Have called three. Very unhelpful. Have missed deadlines for the feb ones and even if I had not, they all wanted to list it at £200 k with a tiny reserve. Useless. The one bed opposite my one bed flat went last Summer for 285!
So will try to sell it and see if any interest is generated.
Really hacked off and bored now with doing EVERYTHING for the freeholders and unable to sell for so little. Stuck and skint. Osbo should have his eyes gouged out. Wish i had sold last year." I refuse to allow the banker to be the only one who laughs!":beer:0
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