Apartment in Thornton Heath Purchased in 18 Days
| Property Type | Condition | Reason For Sale | Completion |
|---|---|---|---|
| Apartment | Average Condition | Release Equity | 18 Days |
The selling client had decided to sell their Thornton Heath Buy to Let apartment.
With letting agents, management fees, service charges, gas safety certificates, general repairs and the Interest rate relief reduced from April 2017, the yield and mortgage repayments simply didn’t stack up.
The lease had been allowed to drop below 80 years and had 72 years remaining which had a direct impact on the saleability as virtually no lenders would lend against what is a short lease.
The process of renewing the lease would have been time consuming and cost prohibitive, so the vendor contacted 365 Property Buyer for a cash offer.
Not restricted by survey or lenders requirements the seller accepted our formal offer and the sale completed in 18 days, delayed only by the Freeholder.
Buy to let tax changes
Landlords From April 2017 will no longer be able to deduct all their mortgage interest when they work out their profits. Instead, mortgage interest tax relief will gradually be cut back to 20% between April 2017 and 2020.
Buy to let tax changes 2017
| Tax year | % of Interest deductable | % of basic rate tax reduction |
| 2017 to 2018 | 75% | 25% |
| 2018 to 2019 | 50% | 50% |
| 2019 to 2020 | 25% | 75% |
| 2020 to 2021 | 0% | 100% |
Sell Your Thornton Heath Property Quickly
This Thornton Heath Apartment sold in 18 days, If you are looking for a quick house sale, give us a call on 0800 019 7031 or get in touch.
We are a UK Property Buying Company that purchases property quickly, we also make the process of selling your home to 365 Property Buyer very straightforward & our current average completion time for any type of property (not just Apartment's) is 15 days.
