Updating post from Reddit.
Hi there. I am thinking of selling my house. I bought it in Jan 2021 and then placed it on rent on Oct 2021.
I think if it sells for profit, I’ll have to pay tax on the profit but wondering how this is calculated since this is my only house so will I have to pay tax on the portion where the house as not rented?
Also it currently has tenants, what’s the process like in terms of selling a house with tenants in it? Or is it better to remove the tenant and then put it on the market?
Also how much of a pinch of sale should I take Zooplas instant evaluation? They say the house is worth 290k-370k which is quite a huge range..
In your case. You need to pay full CGT tax on the profit.
You can sell it with tenants but you can get more buyers if you sell it empty.
About evaluation. Look ads for similar houses near your postcode.
And...don't assume that the tenants will move out when you want them to.
I wanted to sell my flat in January 2024 and contacted conveyancer and estate agent, and gave my tenants notice. Now over a year later, the tenants are still staying put, not allowing viewings and I am awaiting a court hearing date. If you want to sell, get vacant possession first.
There is no possibility of selling with tenants in situ in my area, especially not with tenants who have ignored a Section 21 notice.
Are they still paying rent ??