Selling property and question about loss while waiting for sale to go through

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    Selling property and question about loss while waiting for sale to go through

    Hi all,

    First post so be gentle :-) had a hunt round but can't seem to find the answer to my question.

    I currently in the process of selling the only let property I had . The tenant has just moved out but the sale will take a few more weeks to go through. This means I will be paying mortgage interest, council tax, utility bills up until the point of completion. Can these costs be offset against my profit for this year or did my letting business cease when my last tenant moved out and I took over the property?

    Hope the question is clear.


    M Gray

    That is a question best answered by HMRC IMO.


      You are no longer running a business, as you have ceased it due to you selling up..

      If a tenent was paying your motgage ( in effect ) for last 6 months / 12 months, I would not even be asking the question.


        Yes I reckon these costs can be offset. Your situation is the same as a void period albeit a final one before you sell. So long as its not your primary residence. These costs can be offset on your April 16- April 17 tax year if the income is in your personal name.
        Any advice I give is my opinion and experience, I am as you also learning.


          The business ends with the sale of the property, not the tenant leaving (unless there's a huge delay).
          These costs can be offset.
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).


            The rental business ends on the day you exchange sale contracts with buyer .


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