Property - quick question

[Harvey_nikon]

Hi,

I found an amazing property that would make an excellent hotel/spa and wedding venue, price tag is more than I will earn in a life time however it doesn't stop me looking through the paperwork.

Whether its because it's late and I am tired or I am just being thick but there is a part that doesn't make sense to me.

METHOD OF SALE
The property will be sold by private treaty. The vendor will retain any ongoing capital allowances.

Can anyone explain, in laymens terms what that 2nd part of that means? Pretty certain I know but would like a second opinion.

 

[Andy]

Hi,

I found an amazing property that would make an excellent hotel/spa and wedding venue, price tag is more than I will earn in a life time however it doesn't stop me looking through the paperwork.

Whether its because it's late and I am tired or I am just being thick but there is a part that doesn't make sense to me.

METHOD OF SALE
The property will be sold by private treaty. The vendor will retain any ongoing capital allowances.

Can anyone explain, in laymens terms what that 2nd part of that means? Pretty certain I know but would like a second opinion.

At a guess for me I would of thought it meant any bookings or income they already have / be getting they will take the money for. But I could be way off course.

 

[Keith W]

It is something to do with capital gains tax I believe

 

[Harvey_nikon]

Looks like I will have to contact the estate agents directly and ask.

Thanks anyway

 

[Canon Bob]

Private Treaty is the bog standard way of selling property....buyer and seller agree a price, end of

The term was rarely used until the last year or so but other methods of sale (auction, formal tender etc) are now becoming popular so it's stated this way to make it clear.

Bob