Selling Your Property Before 30 October 2024: Essential Tips for Landlords and Second Homeowners

By Jasdeep Singh Jandu, Head of the Residential Property Department at Manak Solicitors

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 team 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:

1. Instruct Your Solicitor Early: Start early to prepare a draft contract, identify potential issues, and ensure a smooth transaction.
2. Complete Protocol Forms Promptly: Submit property information, fittings forms, and relevant certificates as soon as possible to avoid delays.
3. Consider Purchasing a Search Pack: This can prevent delays caused by waiting for search results and keep the process on track.
4. Clarify Timescales in the Memorandum of Sale: Clearly define the sale timescale to avoid misunderstandings.
5. Plan for Potential Delays: Aim to complete by 11 October to avoid missing the 30 October deadline, which could increase your CGT liability.
6. 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.

Contact us today to discuss your options and get started. We're here to help you achieve the best possible outcome.

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.