Selling a Penthouse Flat
With many types of flats in the UK, you may find yourself looking to sell a penthouse flat.
Your top questions when selling a penthouse flat
✅ How do I know whether my property qualifies as a penthouse flat?
There is no single rigid definition of a penthouse flat, but the usual property that qualifies is one that is built on the top floor of a building that is many storeys high, possibly all residential or with some commercial and office units on lower floors. Typically found within major cities, penthouse flats might have certain luxury features and much more space than other units in the building.
✅ What are the typical benefits associated with owning a penthouse flat?
Penthouse flats are often luxurious properties that have plenty of living space, several bedrooms and bathrooms, and modern fixtures and fittings. Depending on the location of the building in which the flat is located, they might have excellent views of a major city, and they can also be very relaxing because the units are situated high up away from street noise.
✅ Are there any disadvantages of owning a penthouse flat?
Yes, and you should be aware of some of the negative aspects of owning a penthouse flat so that you can understand them if potential buyers raise these concerns, and possibly try to address those issues. The higher cost of a penthouse flat can be a major factor making a sale harder. Some of these units can also be at greatest risk of storm damage in the building.
✅ Will I have to pay Capital Gains Tax when selling my penthouse flat?
Possibly, and you should consult with a financial professional who can let you know with certainty whether you’ll be liable for paying this tax, which applies on the profit that you’d make from the sale, and not the greater penthouse sale price.
✅ How much commission should I expect to pay when selling my penthouse flat?
You might not have to pay any fees, depending on how you try to sell your property. If you sell on your own or use a fast buyer like LDN Properties, you will not have to pay any fees, which means you get to maximise your profit. But estate agents and auctioneers will may you pay commission, which is taken out of the sale proceeds right away, reducing your net profit.
✅ What is the speediest method to find a buyer for my penthouse flat?
Using a quick home buying company such as LDN Properties is your best choice, because they can complete the process of purchasing any home within a few short weeks, and that covers the time it takes for exchanging contracts and paying you the proceeds. By contrast, auctions take at least a few months, and selling on your own or via an estate agent may take over a full year.
✅ How do I know that a quick buyer can be trusted when selling my penthouse flat?
The trustworthy quick home buying companies tend to be registered with a third party entity called The Property Ombudsman (TPO), which issues regulations that are crafted to protect homeowners from falling victim to scams in the speedy buying industry. All TPO members must follow those regulations, which should give you extra peace of mind when selling your flat.
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