Selling a Petrol Station

There can be complications involved with selling a petrol station that are important to understand, as discussed in detail below.

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Your top questions when selling a petrol station

✅ How are petrol stations defined when selling one as a property?

UK law defines petrol station as retail premises that are used, or intended for use, for dispensing petrol to the public for use in motor vehicles, ships or aircraft by way of sale and includes any vehicle fuel dispenser, other apparatus or storage tank for storing vehicle fuel used there in connection with that fuelling.

✅ Why might someone want to purchase a petrol station?

There are generally two separate reasons why a buyer may be interested in owning your petrol station. The first reason is that they could want to continue operating it as a retail business, and earn income from the petrol that will be sold. The second reason is that they want to demolish the petrol station and build other properties on the land that they can then sell or rent.

✅ What are some of the problems with trying to sell a petrol station?

Some petrol stations might have contamination if there are any leaks from the tanks on site where the petrol is stored, and this can make some buyers wary about purchasing the property. Another problem you could have is if the petrol station is in an undesirable location, which could make it harder to profit from either continuing to run it as a business or redeveloping the land.

✅ How much Capital Gains Tax will I have to pay when selling my petrol station?

It will depend on the price that you’re able to get for the property, because Capital Gains Tax often applies to the profit, also called the gain, that you make on the sale of a tangible asset like a home, retail property, or car.

✅ Will I have to pay fees as part of the process of selling a petrol station?

It’s possible, because using an auctioneer or estate agent to sell your petrol station will require that you pay them commission if they’re able to secure a buyer for the property. However, you can reduce your selling costs and avoid paying commission altogether by either attempting to sell the petrol station on your own or selling to a no-fee fast buyer such as LDN Properties.

✅ What is the typical timeline it takes when selling a petrol station?

This will depend on which choice you select for trying to find a buyer, because selling without any assistance or alternatively using an estate agent are two methods that can take more than an entire year, whilst an auction will take at least several months. Selling to a fast buyer is often the swiftest option, as this usually takes only a few weeks to complete all of the required steps.

✅ How can I know whether a fast property buyer can be trusted?

Ask specific fast property buying companies if they belong to a third party entity called The Property Ombudsman (TPO), which issues rules to protect property owners against fraud in the quick buying industry. All legitimate TPO members must adhere to those rules, offering you extra peace of mind.

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