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Can I sell my house for a lot less than it's worth?
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You are missing the point. You can sell at whatever price you want (provided you clear any mortgage), you have to pay stamp duty at the market value if the parties are related.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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How and where does this get flagged up? Does it work in reverse ie if you sold for more than its worth would market value determine stamp duty?
No. We bought our house last year for £177k. It was valued at £170k. We had to pay stamp duty on the price we paid for it, not what it was valued at. (We also bought not long before they scrapped the stamp duty for properties under £175k. Our timing was awful! )0 -
Ask an MP !!!!!! hahaha tell em nowt0
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We will be selling our house for less than its perceived value (to get rid of it quick). as long as you clear the mortgage thats fine.
but the 50k bung from your brother is probably fraud. Also if you were to put 15k or more in a lump in ur bank acct it rings the money launderin alarm bells at the bank. so prob best to keep it under the mattress/cupboard/safe.
Stamp duty up to 250k is only 1% seems silly to get done for fraud for the sake of a couple grand let the govt blow it on floating duck houses!0 -
Yes it is and if your solicitor finds out about it you will have to pay SDLT of £2,250 because that will be the actual price you paid.but the 50k bung from your brother is probably fraud.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Also if you were to put 15k or more in a lump in ur bank acct it rings the money launderin alarm bells at the bank. so prob best to keep it under the mattress/cupboard/safe.
That's interesting because I recently had £23k paid into my bank account and the bank said nothing."If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0 -
It flags it up but they may do nothing if its a one off. large sums of money being deposited and taken out of the acct will draw suspicion.0
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It flags it up but they may do nothing if its a one off. large sums of money being deposited and taken out of the acct will draw suspicion.
This is going a bit off-topic but I doubt this is correct. I've moved large sums of money from various savings accounts and investments through my current account, and between my OH's account and my own over the past year and no one's raised an eyebrow.0 -
Hi,
I'm about to move and my brother has said he would like to buy my house. It's valued at about £230k
Can I sell it to him for a lot less i.e £175k to avoid stamp duty?
If he decided to then 'gift me' some money i.e. another £50k, is this legal?
It seems OK to do, but I'm sure you guys know better than me.
Thanks
I bought my daughter's house last year way below market value, no problem. (Scotland)
Both firms of solicitors & mortgage company quite happy with deal.
Regards,
N. Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0 -
Yes its fine to move cash from differrent accts as the money is already considered "clean". its when cash is deposited from an unknown source (ie in person over the counter) that it may be flagged.
i know this because other half takes home large cash payments for work and the bank has got the fraud squad in as he doesnt hav a business bank acct!0
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