_David_
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22 Posts
I have a house in North West London which I have been renting out on and off for the last 13 years. It was handed down from my father which before was handed down from his uncle.
I've had 72 enquires so far and I have really been struggling to find decent tenants over the last 5 weeks since it's been on the market. This is because most of them fail to meet the minimum criteria:
Single or Couple/husband & wife must earn at least 2.5 times the rent
Have lived in the country for at least 3 years
That all adults must speak & read English
(I know to some this criteria might seem little strict, but I would rather sell up than deal with high risk tenants. I’m tired of all the problems high risk tenants produce)
The ones that do meet this criteria view the house which they like but don’t choose it because of the area. It’s in a selective licence area and has never been a great place. In all honesty, I wouldn’t want to live there regardless of how much I was earning.
I have spent over £30k on refurbishing it; painted throughout, all new flooring, new modern kitchen & bathroom plus many other things.
So I am giving serious thought into selling this place. Judging by similar properties, I think it would fetch roughly between £480-£500k. My accountant who I usually use to do my tax returns has calculated that my CGT bill would be £50k if I sold it which made my heart sink. So I am looking to reduce the CGT as much as technically possible. Can anyone recommend a good CGT specialist please?
For context, my plan was to live solely off the rent of this house and one flat. So if I sold it, I would probably want to buy a place in a nicer area and rent out. I am constantly considering my options for the future.
Please share your thoughts on what you would do in my position.
Any feedback would be much appreciated. Thanks
