Selling a Mooring
There are some easy tips to follow that might increase your prospects of getting a swift and competitive offer when selling a mooring.
Your top questions when selling a mooring
✅ Are moorings considered leasehold or freehold properties?
A mooring can be either a freehold or leasehold property – if it’s a freehold property then you are the outright owner of the land and any buildings that may be located on it. If it’s a leasehold property then you own the mooring for a set number of years as specified in a lease agreement with the freeholder, and you will pay them an annual ground rent during your time as the owner.
✅ What issues might make it easier to sell my mooring?
Location is one of the most crucial factors when trying to sell a mooring, because properties that are easy for boats to access and that are situated along popular waterways will usually be in much more demand from buyers than those in remote areas. Other buyers might be more interested in a mooring that has amenities, such as one based at a high-end marina.
✅ Are there any factors that can make it harder to sell a mooring?
Yes, and the condition of your mooring will be an important consideration for prospective buyers. They will generally view a mooring that is poorly maintained as less valuable and more attractive than one kept in good condition. Another issue that could make it harder to find buyers for your mooring is if is located in a hard to reach and low-demand remote location.
✅ Will I need to pay Capital Gains Tax when selling my mooring?
It’s possible, and if you are required to pay the government Capital Gains Tax then it will typically be charged based on the profit, also known as the gain, that you make on the sale of the mooring compared to whatever price you initially paid for it. There are some instances where you can reduce your burden to pay this tax, so ask a tax specialist about these possibilities.
✅ Which methods of selling my mooring will mandate that I pay commission?
If you decide to sell your mooring using the services of an estate agent or auctioneer then they will charge you commission, and this will add to your selling costs because their fee will be deducted immediately from the eventual sale proceeds. By contrast, if you sell without any assistance or sell to a no-fee quick property buyer then you will not pay any commission.
✅ What's the quickest option available for selling my mooring?
The fastest way to sell a mooring is usually getting in touch with a quick buyer like LDN Properties, because these companies can complete the purchase of most properties within a handful of weeks. Selling on your own, via an estate agent or at an auction will all generally take much longer, and you should be prepared to wait many months before completing the sale.
✅ How do I know that quick property buyers can be trusted?
You can often trust quick buyers that are registered with The Property Ombudsman (TPO), because this is a third party entity that publishes policies, which all members must follow, that protect property owners from falling victim to fraud in the industry. Ask individual quick buyers if they belong to TPO.
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