Recently we sold on this property for a nice small profit. It was a year in the making as it was a particularly complicated probate with various delays with the courts and multiple issues on the vendor’s side which were unfortunately out of our control, but after a full 12 months we finally exchanged and negotiated a small period of time for a delayed completion.
The original intention was to refurbish the property, create a 4th bedroom with a small extension, and sell on for around a 70% profit. However given the length of time we were already waiting for this deal and had cash put aside (and that it would be another 6-9 months if we went ahead with the development), we decided that we would try for an early exit by selling the property to another investor without us having to actually purchase it ourselves.
There were a couple hiccups during the conveyancing process that we overcame, but we managed to sell on the deal to another investor less than a month after exchanging and avoiding completing on it ourselves (thus transferring the SDLT liability onto the new buyer).
We walked away with a 37% return on all the cash we had put aside for this project (for a whole year), and around a 100% return on the money we had actually spent and put into the deal, so it was a good result. On to the next project…