Legislation is destroying our business and we might as well sell up. My question is – How??

Legislation is destroying our business and we might as well sell up. My question is – How??

9:26 AM, 8th November 2022, About A year ago 14

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Hello, No landlord can be immune to the ever increasing attacks, not only on the buy to let business in general, but also very personal attacks that question our morals, our values, even our right to exist.

I decided to sell up after the S24 announcement. The writing was on the wall.

I only had a small portfolio anyway and I am now down to just two. The others sold reasonably well. Not vast capital gain, but hey, they had provided a very respectable income for many years and that had been my goal when starting out in the business 15 years ago.

A few months ago I managed to take possession of a property that had given me sleepless nights for months. “Finally!” I thought. Let’s get this one refurbished and get rid of it.

Well, best laid plans and all that! It went on the market last week, just as the market collapsed.

So now I have a very nice 3 bed semi awaiting a buyer, but buyers, it seems, are not buying.

So, are other landlords in the same boat? (I need to sell this one. I would hate to have to rent it out again). If you have one for sale, have you had viewings in the last couple of weeks?

Have you considered sending it to auction? I have no experience with auctions but I’m thinking I should consider it.

I have approached one ‘quick sale’ type outfit but their view is recent valuations are far too high and investors would probably only pay around 80% of the pre-covid valuation.

I’m not expecting to sell at the current valuation, or to be honest anywhere near it, but I do want to sell!

I’m sure other landlords must be playing this ‘find the buyer’ game, so, are there any options I have missed?

(PS. I can’t even contemplate the additional stress if CGT is increased in the budget later this month!).

Thank you,


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David Houghton

10:21 AM, 8th November 2022, About A year ago

I'd wait it out if it takes 6 months or more to sell them that's what it is. It's easy to sell at under value but who wants to do that. Another tenant, probably may want to stay a year or two, then the Refurb for sale. Not really worth it

Laura Delow

10:40 AM, 8th November 2022, About A year ago

I'd also wait to see what happens in the budget re CGT rates cause if increased to income tax rates, you'll be paying 40% on the gain unless you aren't using your basic rate band through earnings, whereby some might be taxed at 20%


11:10 AM, 8th November 2022, About A year ago

Hi _ I am actually doing the same as you. Been working on it for four months, its going to be really special and will stand out from the crowd.

Will yours do that?

It has to be within a certain budget for your area.

I could have sold this 3 months ago but would have got less without the refurb.

I personally won't be greedy.

I will ask for "offers over" a certain price and see where it goes. Work that price out according to 2 things.

1. What your CGT will be after your CGT yearly allowance?

2. What all your time/expenses were since you bought it?

If you are CONTENT - then fix your price inc the below.

It will sell if you "also have an inducement to complete within 2 months with a cashback of £1,000."

I have done this deal before at auction and the buyers did NOT complete in time and begged my solicitor to find out if the deal still stood, as they were three days late!

"The cheek of them!" - I was told.

Opinions eh?

I still paid them the £1,000 inducement when I didn't have to,


Because "the spirit of the deal" was for everyone to be "content"

YOU can make someone else happy and yourself happy by doing

"something different for the sale".

"stand out from the crowd"


11:12 AM, 8th November 2022, About A year ago

I am in a similar situation, except my 16 months' awful experience finally ended July 2021. I put it on the market in September 2021 after redecoration and repair, and didn't sell until July 2022. I had a buyer in October who dropped out in November, but I got another (cash) buyer in January. Even then, 6 months to Complete! They were just inefficient, and I'm hearing this is par for the course. I want to sell my remaining BTL, and have made a couple of enquiries similar to yourself. I've done the sums, allowing for time to sell, void cost, increasing mortgage and other costs/savings, and would probably lose at least £10k if I went for the 'quickie'. But... what would happen if S21 is suddenly blocked?

I now just want out of BTL. Maybe it's worth taking the hit, but the joint investor [my -ex] is a challenge! My financial investments have taken a £50k hit since December. On the other hand, I did well selling my London properties, and the house I bought in Feb20 and extended, could give me a £150k profit if I sold today [and I know the buyers are lined up!]. Just a matter of perspective.

Good luck with your decision.

Dennis Forrest

12:52 PM, 8th November 2022, About A year ago

Instead of offers over why not try OFFERS AROUND £xxx,xx. Pitch your price at a fair price but be prepared to take 10 or 20 thousand less. You may get more. I know its 5 months ago but we sold our main large detached house and downsized and moved 100+ miles as well. We had 10 viewings in a week and three offers. All offers at £850,000. The property was advertised at offers around £850,000. Agent gave all buyers 48 hours to come back with their final offers. We had one still at 850,00 one at 856,000 and one at 870,000. We went with the middle offer because the top offer buyer had not sold. Our sale went through fine and we moved house 2 months ago.


13:46 PM, 8th November 2022, About A year ago

Our flat went on the market in August and we had a full price offer the next day. 6 weeks later the buyer ‘lost’ their mortgage. Haven’t had even a viewing since! Will have to let again as the mortgage, CT and now heating costs are causing me a headache.


14:38 PM, 8th November 2022, About A year ago

Reply to the comment left by Dennis Forrest at 08/11/2022 - 12:52
Regions are different and you can play the 'moving game' if it suits. I sold in London late 2019. I wanted to move North and had waited some 18 months for the market to turn, but wasn't prepared to accept silly 'offers'. I went with OIRO £1.2m and accepted £1.19m. I chose my agent carefully (they had proceedable cash buyers) and Completed in less than 2 months. I then moved 200 miles up North, increased my floorspace by 400 sqft plus a garage, and no mortgage. I could have got a lot more for my money, but wanted to be able to easily walk into town.

Annie Landlord

16:18 PM, 8th November 2022, About A year ago

Thanks for the replies and advice. The agent has put the house on at a fixed price which I think is much too high. I have only one viewer lined up (today) but its only been advertised for a week. CGT will be minimal because values have never really recovered since the last crash. If I thought it would sell in six/seven months I would stick with the traditional sale. But we are entering a recession and interest rates are continuing to rise. Its also of course costing hundreds a month while it remains empty. Hence my thoughts of sounding out an auction or 'a we buy any house' company. Has anyone used such a company?

Annie Landlord

16:26 PM, 8th November 2022, About A year ago

Reply to the comment left by NewYorkie at 08/11/2022 - 11:12
Yes, I've read about your horrendous situation on here. Glad you have at least got that one property off your hands. The property I have up for sale is empty, so at least I don't have to worry about the possible demise of S21. I just don't need the stress anymore. I've been retired for some years. I just want to pack a bag and go travelling:) I'm quite prepared to drop £20K off the advertised price, but even then I wonder if there are enough buyers around


16:28 PM, 8th November 2022, About A year ago

Reply to the comment left by Annie Landlord at 08/11/2022 - 16:26
There will be plenty of landlords waiting with their cheque books for price drops and distressed sales.

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