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Selling a property; unsure of deductions 😔
Comments
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If the property is currently tenanted, then unless you wish to sell it with tenant in situ as an ongoing rental (which is likely to result in a lower sale price), then you should consider how long it might take for the tenants to leave. Whether they are in a fixed term period of a tenancy or on a rolling contract; whether the documentation from the start of the tenancy is all in order (otherwise a s.21 notice to them would be invalid); and whether you think they will find it easy to find another rental.
The common advice on to potential buyers of currently-rented properties which are for sale, is not to start spending money on surveys etc. until the property is empty, as it can take months for unwilling tenants to leave.0 -
Oh my god, I was expecting it to be around 30k, but if it’s closer to 60k then it’s not going to work because of the split with family members. Such a shame. Thank you for pointing this out 😟0
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big_gus said:Oh my god, I was expecting it to be around 30k, but if it’s closer to 60k then it’s not going to work because of the split with family members. Such a shame. Thank you for pointing this out 😟
You commenced the thread on the basis you have to sell the property for family reasons. Why does the amount of tax that may become payable affect that imperative?0 -
poseidon1 said:
Because the amount of tax payable - if it’s at the latter end of the scale - would not facilitate an acceptable split between family members, due to numbers involved. This was the reason for the initial request for info. We are trying to work out what’s best for everyone; a property sale, or attempting to make an agreement (which everyone agrees to) to wait until it’s more financially viable.big_gus said:Oh my god, I was expecting it to be around 30k, but if it’s closer to 60k then it’s not going to work because of the split with family members. Such a shame. Thank you for pointing this out 😟
You commenced the thread on the basis you have to sell the property for family reasons. Why does the amount of tax that may become payable affect that imperative?
I hope that’s ok with you, Poseidon.0
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