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Alex J.
Alex J., Solicitor
Category: Family Law
Satisfied Customers: 3695
Experience:  Solicitors 2 years plus PQE
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Hi, Ive been offered a house at around £110.000. but its worth

Customer Question

Hi, Ive been offered a house at around £110.000. but its worth around £ 150.000-£160.000. Are there any implications with buying it at that amount below market value? I have to sell my own house which is worth approximately £110.000 but have a mortgage of around £52.000 on it so a good amount of equity.
Submitted: 3 years ago.
Category: Family Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome my name is AJ and I will assist you.

There is no issue per say with selling at that price. It would only be an issue if you were deliberately fixing the price to avoid paying Stamp Duty Land Tax and then making up the difference in cash.

The market price for anything is what a willing buyer will buy it for and willing seller will sell it for.

If the seller wants to sell it quickly they are free vary price and dont have to rigidly stick to an estate agents recommendation.

Can I be of any further assistance.

Kind regards

AJ