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How Long Does Residence Need To Be?
Going_4_A_Million
Posts: 16 Forumite
My best friend has quite recently moved into her house and hates it! She desperately wants to move but is not sure whether she can move this early. She has done a fair bit of work to the house (it was in a state) and it probably is worth more now though she didn't do it for monetary gain. But will selling this quickly for a profit raise accusation of her being a 'property developer'? And will she have to pay out more for this?
Please Help!
G4AM
Please Help!
G4AM
0
Comments
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She'll be fine. As long as she does not do it habitually there is nothing HMRC will be interested in at all.0
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Thanks for the peace of mind Gwhiz
G4AM0 -
Apparently some lenders will not lend on property which has been owned for less than a year so if your friend hasn't owned the house that long, some potential buyers may have difficulty getting a mortgage.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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The Halifax will only lend if the owner has owned it for 6 months.0
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lincroft1710 wrote: »Apparently some lenders will not lend on property which has been owned for less than a year so if your friend hasn't owned the house that long, some potential buyers may have difficulty getting a mortgage.
If a buyers solicitor notices that the property has been owned for less than 6 months then they are obliged to inform the lender - it is not an issue for all lenders. It is def not as long as a year - I had a full conversation with my solicitor about this as I had owned for less than 6 months and was alerted by a comment on here. My buyers used a high street lender and there was not even a whisper of an issue.
To confirm on the original point, as long as your friend is genuine in changing her mind and is not acting as a property developer then there is no minimum period for ownership - inome tax is not due on the sale of a main residence.Everything that is supposed to be in heaven is already here on earth.
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Brilliant
Thanks for all the help guys!
G4AM0
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