Selling a Block of Flats

With various types of flats and apartments in the UK, you may be looking to sell a block of flats.

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Your top questions when selling a block of flats

✅ What type of buildings are usually considered to qualify as blocks of flats?

Typically, a block of flats will consist of two or more individual units all within the same building for which you are the freehold owner, and you rent out the flats in exchange for receiving a monthly, annual or other type of payment from the tenants. You’ll frequently find blocks of flats in cities, although these properties can also be found in suburbs and other areas.

✅ If my block of flats has tenants, do they have any rights when I'm selling the building?

Yes. It’s possible that you might have to give your leaseholders the right of refusal, which means they could have the chance to work together and make an offer to purchase the freehold before you can offer it to any other buyer.

✅ Will I have to pay any tax on the potential profit I'll make from selling my block of flats?

Depending on the profit, also known as the gain, that you make on selling your block of flats, you might be liable for paying the UK government Capital Gains Tax on it. This tax applies only to the gain and not the larger overall sale price of the property. Be sure to obtain professional tax advice.

✅ What is the fastest method available to find a buyer for my block of flats?

The slowest choices are selling on your own or using an estate agent, because either approach could take more than an entire year to find a buyer. An auction is somewhat faster, but all of the steps involved will still require several months to complete. The speediest choice can be to use a fast buyer, who can typically complete the purchase of your block of flats in just a few short weeks.

✅ What amount of commission will I have to pay when selling my block of flats?

It depends entirely on the method you use for finding a buyer, because selling through an estate agent or an auctioneer will require that you pay commission – with estate agents and auctioneers often charging a percentage of the property sale price.

✅ Will I be allowed to sell my block of flats if the building has cladding?

Yes, although the process might be more complicated than a block of flats without cladding. You could wait until you’re able to get the property inspected for its fire safety, although there is a lengthy backlog of requests for assessments. Or you could contact a quick home buyer such as LDN Properties to buy your home, as they can buy blocks of flats that have cladding.

✅ What assurances do I have for trusting a quick buyer when selling my block of flats?

Ask specific quick home buyers whether they belong to the third-party entity known as The Property Ombudsman (TPO), which issues rules to protect homeowners against scams in the fast buying industry. All TPO members must adhere to these regulations, so if you are selling to a company that can prove its membership, this should give you sufficient peace of mind.

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