Selling house - at a loss!

Crashy_Time

Deleted_User wrote: »

If the house has been up for sale since January and hasn't sold yet, then its not going to sell without a price drop. You are going to lose money on this.

I think an offer of letting him walk away with nothing to pay would be generous but clearly he doesn't understand the up's and downs of property and has it in his head that a big cheque is coming his way.

Ups and downs of property had been cancelled for so long by super low rates and interventions like HTB that people believed it was a one way bet.

LoveMSE20

Hi everyone,

We (my wife and myself) have a house and Zoopla values it between £345,000 to £422,000.

1.    My question is can we legally sell the house to our son for say £170,000 (below the market value) ?

2.   And pay taxes on the profit made (i.e. £170,000 – purchase value)

Thank you

Crashy_Time

How did the OP get on?

markin

LoveMSE20 said:

Hi everyone,

We (my wife and myself) have a house and Zoopla values it between £345,000 to £422,000.

1.    My question is can we legally sell the house to our son for say £170,000 (below the market value) ?

2.   And pay taxes on the profit made (i.e. £170,000 – purchase value)

Thank you

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