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Buy to let moguls, Fergus and Judith Wilson, are selling their vast property empire of more than 1,000 homes to whoever is willing to pay “top dollar”. They say an intermediary is handling the sale and the portfolio could be bought by any number of investors, although not necessarily anyone from
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the UK. Existing tenants will apparently be protected, as their rental contracts will be switched to the new landlord once the sale has gone through.
‘I will be broken-hearted to say goodbye to my property portfolio but I cannot take it with me. It has been a lot of fun over the years,’ says Fergus Wilson.
The former teachers first began buying buy to let properties in 1992 and were so successful that before the recession hit, they were buying around one property every day. In fact they were even listed above the Beckhams in the Rich List. The recession nearly put an end to their empire and for a while things were looking a bit dicey with the couple in arrears to lenders by £350k, but the Wilson’s buy to let business recovered from the effects of the recession and only a year ago they were adamant that they had no intention of selling up.
Money Talks
The sale of the Wilson property portfolio is likely to be a lucrative one. Property prices in the area have risen by 414% since 1995, so it you might imagine that the Wilsons will be making a fortune from the sale. Unfortunately for them, around 60% of the properties in the portfolio are mortgaged and the Tax Man will be rubbing his hands together with glee at the thought of an extra £30 million in capital gains tax on the sale.
However the Wilsons do expect to make an estimated £250 million, which goes to show how lucrative a buy to let business can be.
