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Is it time to sell my 2 buy to let houses

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Author Topic: Is it time to sell my 2 buy to let houses  (Read 140 times)
Newbie
Posts: 1

I like property

« on: January 03, 2021, 12:15:11 PM »

Hi everyone. I'm new to this site and have just joined today.ive been in buy to let for 20 years after renting out my first house in order to buy another to renovate and live in.I did this again 12 years ago and now own both rented houses outright and my own house.im 56 now and thinking is it time to sell the rented houses to fund an early retirement. With all the changes that are happening with buy to let and CGT  ,a little something in my head keeps saying is now  the time to sell?Both houses are worth around £250000 my wife does not work any more so her tax free allowance is put to good use.in am a 20% tax payer.there must be other people in the same position asking themselves the same question.
Global Moderator
Hero Member
Posts: 3777

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« Reply #1 on: January 03, 2021, 01:12:28 PM »

Absolutely!
Global Moderator
Hero Member
Posts: 1066

I like property

« Reply #2 on: January 03, 2021, 03:34:57 PM »

What are you waiting for? You have worked hard for this,I say go for it while you are fit enough to enjoy life.
Newbie
Posts: 6

I like property

« Reply #3 on: January 03, 2021, 04:50:15 PM »

Impossible to answer this question without knowledge of important things I.e. health and wealth. However tax implications and income needs are best Answered using a financial advisor. Note, I am neither an Financial advisory or a doctor, but have benefitted through investing time talking to experts in these fields.👍🙂
Jr. Member
Posts: 66

I like spoons

« Reply #4 on: January 04, 2021, 11:11:46 AM »

Could the rental income not form the basis of your retirement income?

unless you had the desire/need to use the lump sum of cash for something else, seems like the properties will be a steady income until you see fit.

only my 2 pence, but definitely worth speaking to a financial advisor.
Global Moderator
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Posts: 3777

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« Reply #5 on: January 04, 2021, 12:33:03 PM »

2 for, 1 against, 1 abstention (wants more info.). The clear winner is - sell up, get out of the game, move on 'cos it's time to groove on...
Global Moderator
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Posts: 503

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« Reply #6 on: January 05, 2021, 10:59:30 AM »

There are couple of things you might want to consider as regards timescale. Firstly, there's an annual allowance for CGT so you might want to dispose of the properties in different tax years to take full advantage of that. (You may also wish to adjust the ownership split between yourself and your wife in order to make full use of both your allowances).

Secondly, unless you're planning to sell with tenants in situ, you'll need to bear in mind the current requirement for six months' notice on a Section 21. From that point of view you might be better just selling each property as and when it becomes vacant.
Newbie
Posts: 37

I like property

« Reply #7 on: January 19, 2021, 03:33:31 PM »

Sell them & spank the money life’s to short.
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