5 Things to Consider when Selling a Buy-to-Let Property
If you are thinking of selling a buy to let property, you should give careful consideration to the following points to ensure you get the best possible return from disposing of your investment.
When to sell
While housing markets are continuing to perform well in some parts of the UK, it's a good idea to spend some time researching the local housing market in your area, to get an idea if you are likely to get the asking price.
It is worth bearing in mind that the changes to tax relief for landlords are being phased in over the next few years. Landlords are currently able to deduct 75% of finance costs from their taxable profits. It is dropping to 50% for the 2018-19 tax year, 25% for the 2019-2020 tax year and 0% from the 2020-21 tax year onwards.
Regaining vacant possession
If you already have tenants that need to move before you can sell your property, there is a strict legal process you will need to follow. Generally speaking, if tenants have a fixed term tenancy, you will not be able to evict them until that tenancy ends.
When evicting tenants, it is a good idea to consult with a property solicitor experienced in landlord and tenant law, to ensure you follow the correct legal procedure.
Should you renovate?
Renovating your property before selling will help you improve on the properties value, especially if no recent work has been carried out. However, you will need to be realistic and ensure you get a return on the renovation costs.
Use a conveyancing team you can rely on
We offer a reliable, efficient and cost-effective conveyancing service, making the process as smooth and stress-free as possible. We have the expertise to help you dispose of your property efficiently, freeing you up to move on to new investments.