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Negligen Solicitor?
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Is the contract date the date of sale for tax purposes?No. It will be Completion date.
OP. It's simple:
* you had a contract with your buyer.
* your buyer breached that contract by failing to Complete on the contractually agreed date (the reason why is irrelevant).
* you claim ALL your consequential losses off your buyer.
Whether he in turn can claim off his solicitor is not your concern.
I thought it was the date the transaction becomes unconditional, so for a property sale would be the date of exchange.
See here:
http://www.accountingweb.co.uk/any-answers/cgt-date-of-exchange-or-date-of-completionI'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 -
No. It will be Completion date.
OP. It's simple:
* you had a contract with your buyer.
* your buyer breached that contract by failing to Complete on the contractually agreed date (the reason why is irrelevant).
* you claim ALL your consequential losses off your buyer.
Whether he in turn can claim off his solicitor is not your concern.
Is the seller in a position to complete ?0 -
It may not be anything to do with the solicitor. It may be that the garage was not indicated on the title plan so unless the solicitor visited the property it may not have been clear that part of the garage was not all on the land. If the solicitor is not to blame and the boundary problem was highlighted by the owner of the land that some of the garage is on after exchange then the OP's buyer is at fault and he has a property that he can't sell. So what happens if he is sued?0
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I thought it was the date the transaction becomes unconditional, so for a property sale would be the date of exchange.
See here:
http://www.accountingweb.co.uk/any-answers/cgt-date-of-exchange-or-date-of-completion
That's my understanding, too, as far as CGT is concerned. But the OP did not say what tax he's concerned about. If he has developed this property as a trade, any profits might be subject to income tax.No reliance should be placed on the above! Absolutely none, do you hear?0 -
AIUI you claim against your buyer for costs, which will likely include costs made against you for failure to complete. Whether you can claim consequential losses though, such as your tax position, I'd be more dubious about. Since you weren't living in the house, could you not have completed ?
However, since all this happened 3 weeks ago surely your solicitor has already explained this to you ? I don't understand why you'd be asking here !? Is there some info you are leaving out ?0 -
I stand corrected.I thought it was the date the transaction becomes unconditional, so for a property sale would be the date of exchange.
See here:
http://www.accountingweb.co.uk/any-answers/cgt-date-of-exchange-or-date-of-completion
:beer:0
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