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Can I sell my house?
Katchin
Posts: 31 Forumite
Hi,
My mother gave me the house that I am living in earlier this year, I had previously been renting it from her. She has her own house elsewhere, and will not need cash from any sale for care costs.
The house was transferred properly, with a solicitor and the land registry.
The problem is that my circumstances have changed, and I may be looking at working elsewhere, so may wish to move house.
Can I sell the house without being subject to huge taxes? Or should I rent it out.
My mother gave me the house that I am living in earlier this year, I had previously been renting it from her. She has her own house elsewhere, and will not need cash from any sale for care costs.
The house was transferred properly, with a solicitor and the land registry.
The problem is that my circumstances have changed, and I may be looking at working elsewhere, so may wish to move house.
Can I sell the house without being subject to huge taxes? Or should I rent it out.
0
Comments
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You don't pay capital gains tax on your own home, and only if there has been a capital gain since your acquired the house which is doubtful. Can't tell you whether you should let the house or not, depends if you are willing to research and comply with the reams of legislation surrounding landlording and what the rental income would be compared with the value (yield).
http://www.hmrc.gov.uk/cgt/
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
oh right, so no extra taxes at all? I was thinking I had to stay here for 7 years. Renting would be a last resort.0
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So you want to move to another part of the country and rent a property there BUT you think that renting your own property would be a LAST RESORT!
Why not earn some income from the place and give someone a home for a year or two0 -
no, i want to move away and buy, to do that I ideally need to sell0
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You may be thinking of inheritance tax.oh right, so no extra taxes at all? I was thinking I had to stay here for 7 years.
Without wanting to be morbid, if your mum dies within 7 years of giving you the house then the value of the house will be included in the value of her will for inheritance tax purposes. But that's the case whether you still own it then or not.0 -
Ah thank you0
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yes thanks, they were quite clear on CGT, cheers0
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A buyer will not be able to use a mortgage to buy it until you have owned the house for at least 6 months.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
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