I want to sell 9 properties, but it needs to complete in 2 weeks
A landlord with nine rental properties wanted to simplify his life without forcing long-standing tenants to leave their homes. With rumours of Capital Gains Tax changes, he also wanted to complete the sale as quickly as possible.
John’s case at a glance:
Wanted to sell 9 properties across Basildon and Southend
Completion needed urgently because of possible Capital Gains Tax changes
Bespoke contract agreed to deal with the unusual timescale
Completed on Christmas Eve
Let's call him John.
I'd known John for years through local landlord networking events. We'd often bump into each other at boot sales, and over time we'd chatted about property more than once.
He'd built a portfolio of around twenty rental properties over many years, back when being a landlord was a much simpler business than it is today.
As legislation continued to change, Making Tax Digital was approaching and he was still managing everything on spreadsheets, he decided the time had come to simplify things.
His biggest concern wasn't the sale itself.
It was his tenants.
Several of the properties were home to families with young children, and the last thing he wanted was for anyone to worry that they were about to lose their home.
Rather than marketing each property individually, he asked whether I'd be interested in purchasing nine of them together.
To avoid causing unnecessary concern, the tenants weren't told the properties were being sold while everything was being negotiated. I viewed each property simply as a property inspector.
Once we'd agreed a price, John instructed his own solicitor to represent him and we worked together to create a bespoke contract that dealt with some unusual circumstances.
At the time there were rumours that Capital Gains Tax rates could increase, so completing before any changes came into force became incredibly important.
We were able to exchange and complete the purchase in just eight weeks, finishing on Christmas Eve.
As the new landlord, one of my first jobs was writing to every tenant to introduce myself properly and reassure them that their tenancy would continue as normal.
Several of those tenants are still living in those homes today. Others have moved on naturally over the years as their own circumstances changed, but everyone who wanted to stay was able to do so, and we refurbished each property.
A few months after completion, I took John out for dinner. He told me selling those nine properties had completely lifted the weight from his shoulders.
He kept the larger, mortgage-free properties in his portfolio and was able to enjoy retirement with far less stress.
The proceeds from the sale even paid for a cruise for his whole family.
Sometimes the best solution isn't simply selling a property.
It's finding a way to achieve what you need while protecting the people who call those properties home.
“Bricks are not just bricks, they hold our lives”