As the Head of the Residential Property Department at Manak Solicitors, I’ve seen a surge in enquiries from landlords and second homeowners eager to sell before 30 October 2024. The main reason? A potential increase in Capital Gains Tax (CGT) is expected in the upcoming Budget. If you’re considering selling, now is the time to act; we’re here to help.
At Manak Solicitors, our experienced conveyancing solicitors has a proven track record, especially during tight deadlines like the Stamp Duty Holiday in 2020/2021, where we achieved a 100% success rate. Our office-based team ensures exceptional case handling, communication, and results.
Here are our top tips for selling before the anticipated deadline:
- Instruct Your Solicitor Early: Start early to prepare a draft contract, identify potential issues, and ensure a smooth transaction.
- Complete Protocol Forms Promptly: Submit property information, fittings forms, and relevant certificates as soon as possible to avoid delays.
- Consider Purchasing a Search Pack: This can prevent delays caused by waiting for search results and keep the process on track.
- Clarify Timescales in the Memorandum of Sale: Clearly define the sale timescale to avoid misunderstandings.
- Plan for Potential Delays: Aim to complete by 11 October to avoid missing the 30 October deadline, which could increase your CGT liability.
- Manage Tenant Issues Properly: Our landlord and tenant team are ready to assist with any tenant-related matters.
With the CGT deadline approaching, swift and strategic action is crucial to minimise tax liability and secure a successful sale. Our team at Manak Solicitors is here to guide you through the process efficiently.
Note: The potential increase in CGT is currently a rumour and has not been officially confirmed. For specific tax advice, consult a qualified accountant. We can recommend a trusted accountant if needed.
