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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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How before I can resell a property that I purchased in March

Resolved Question:

How long before I can resell a property that I purchased in March this year and can I sell it for £14000.00 less than I purchased it for originally to my grand daughter?
Submitted: 6 months ago.
Category: Property Law
Expert:  Ash replied 6 months ago.

Hello my name is ***** ***** I will help you.

Could you please explain your situation a little more?
Alex

Customer: replied 6 months ago.
I recently lost my husband and when the house next door to my daughter came up for sale she and her husband wanted me to buy it so they could look after me in the future if it was necessary. I purchased the house in March 2016 for £134000.00 but have since decided that I don't want to live there. My granddaughter really wants to buy this house but can only afford £120,000.00 so I have agreed that she can buy it for that amount on the condition that she keeps a bedroom for me should I ever fall ill and need looking after. There is no need to have this agreement officially registered.
Expert:  Ash replied 6 months ago.

Ok - you can sell a house for whatever you want. If the house is in the region of £134k then £120k is not unreasonable.

All HMRC will want to know is that you are not avoiding selling it low to avoid tax.

But you dont have to keep it for any length of time and you can sell it for whatever price you want.

Can I clarify anything for you about this today please?
Alex

Customer: replied 6 months ago.
I am a little confused as the Estate Agent who I was originally going to sell it through on the open market told me I couldn't put it up for sale before 6 months due to a new law which had come out this year. Also a Solicitor I spoke with yesterday at Lambert Pugh - I was after a quote to sell the house - informed me that I could not sell it within 1 year.
Expert:  Ash replied 6 months ago.

That may be to do with a capital gains tax situation or mortgage considerations, but there is nothing stopping you buying it and selling quickly.

People buy houses, refurbish and sell on quickly - otherwise they wouldnt be able to

Does that clarify? Alex

Customer: replied 6 months ago.
thank you - my granddaughter will be getting a mortgage on the property though - does that make any difference?
Expert:  Ash replied 6 months ago.

To you no. It may do with her, but that is a matter between the mortgage company and her.

Does that clarify? Alex

Customer: replied 6 months ago.
Why problems re mortgage?
Expert:  Ash replied 6 months ago.

Lenders like you to keep property for a while.

Alex

Customer: replied 6 months ago.
Hopefully as we bank at the same branch - and they know my circumstances and I know they consider me a good client - this shouldn't be a problem. Many thanks - will sign off now.
Expert:  Ash replied 6 months ago.

If this answers your question could I invite you to rate my answer before you go today, otherwise the site doesn’t pay me for the time spent with you. Thanks in advance! Alex

Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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