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In agony over selling or sticking with sole BTL

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  • mrsmumbles
    mrsmumbles Posts: 89 Forumite
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    GDB2222 wrote: »
    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.

    That is a great idea. Will start on this tomorrow.
    " I refuse to allow the banker to be the only one who laughs!":beer:
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    mrsmumbles wrote: »
    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 to save £25k, you'd be losing £85k...
  • GDB2222
    GDB2222 Posts: 24,697 Forumite
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    mrsmumbles wrote: »
    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.

    Did you ask the accountant how much more tax you will pay if you delay into the new tax year? Based on your figures above, I think it’s between £8000 and £11,200. That’s significant, certainly, but not worth selling at fire sale prices in a hurry.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • mrsmumbles
    mrsmumbles Posts: 89 Forumite
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    AdrianC wrote: »
    So to save £25k, you'd be losing £85k...

    At auction I would. Got my valuations back today and they think stick it on at around 289 with a view to getting between 280-285. It is worth trying. I just have to decide if I could let it go for 270 to 275 for a fast sale.
    " I refuse to allow the banker to be the only one who laughs!":beer:
  • mrsmumbles
    mrsmumbles Posts: 89 Forumite
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    GDB2222 wrote: »
    Did you ask the accountant how much more tax you will pay if you delay into the new tax year? Based on your figures above, I think it’s between £8000 and £11,200. That’s significant, certainly, but not worth selling at fire sale prices in a hurry.

    No it was closer to 25K. CGT will be high as rented out for 12 years now. There are other factors pushing the sale, exhaustion being one. If it doesn't sell, I will carry on renting, but it is becoming less and less worth it for more and more unpaid effort. We shall see.
    " I refuse to allow the banker to be the only one who laughs!":beer:
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    mrsmumbles wrote: »
    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.

    How did Osbo drop the price of your flat again?
  • mrsmumbles
    mrsmumbles Posts: 89 Forumite
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    Oh dear...
    " I refuse to allow the banker to be the only one who laughs!":beer:
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    I would be saying more than "Oh Dear" looking at a 85k loss TBH!
  • mrsmumbles
    mrsmumbles Posts: 89 Forumite
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    I don’t get your point. Osbo put through a lot of these changes to tax law, didn't he?

    Property now on the market. So much has gone on since last post and really am not sure whether to hang on for a bit or sell. The property is now listed and I realise the tenant is going, mutual decision. But it is now listed with an agent. Now I think I should keep it as my yield is pretty good. Just really uncertain...first on whether to sell, second on whether I can in time, then lastly whether I shoukd at all.
    " I refuse to allow the banker to be the only one who laughs!":beer:
  • lees80
    lees80 Posts: 160 Forumite
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    I think you're taking the !!!! to be honest!
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