Selling House Over Market Value

GDB2222

I wish you luck. It all sounds good to me, providing your figures stack up as you say they do. If you are wrong about the figures, you may be exchanging one lot of negative equity for a bigger lot.

 

markin

New builds are very often negative equity, The moment you take the keys and want to sell it you are selling a second hand House/kitchen/bathroom without HelpToBuy. What part of county are you in?

time-4-a-new-start

markin said:

New builds are very often negative equity, The moment you take the keys and want to sell it you are selling a second hand House/kitchen/bathroom without HelpToBuy. What part of county are you in?

Based over in N.Ireland
Yep fully agree on the second hand items etc. 

time-4-a-new-start

GDB2222 said:

I wish you luck. It all sounds good to me, providing your figures stack up as you say they do. If you are wrong about the figures, you may be exchanging one lot of negative equity for a bigger lot.

 

Yea can see the challenge with that. But have looked long and hard at the figures and know they stack up.

The original question was on the seller buying my house for the value I need to move. We need a larger house, the negative equity on it limits what can be done. This is a good deal on both sides.

I think some of the other posts here arent taking in the fact that the seller bought this new house on a repossession, prob for a significant amount under what they are selling for now. So they have the option of taking a hit on paying more for mine. It would be the same as someone just offering 40k less on their asking price with no additional house swap.  My mortgage company have also done all the checks and again dont see them offering a mortgage at 370 if the house wasnt worth it. 

lisyloo

I can’t see an issue if you’re sure it stacks up.
there can be a tax evasion issue (not paying enough stamp duty) with underpaying for a property.
there could be a deliberate deprivation of assets issue with overpaying in certain circumstances but that’s the problem of the person overpaying.

davidmcn

time-4-a-new-start said:

GDB2222 said:

I wish you luck. It all sounds good to me, providing your figures stack up as you say they do. If you are wrong about the figures, you may be exchanging one lot of negative equity for a bigger lot.

 

  My mortgage company have also done all the checks 

Have you told them the story about the transaction as a whole though? You don't want them to be surprised at a late stage by the "incentive" from the builder.

time-4-a-new-start

lisyloo said:

I can’t see an issue if you’re sure it stacks up.
there can be a tax evasion issue (not paying enough stamp duty) with underpaying for a property.
there could be a deliberate deprivation of assets issue with overpaying in certain circumstances but that’s the problem of the person overpaying.

Thanks.  Yes with the prices agreed we can say that we arent underpaying on stamp duty, more over paving if anything.

time-4-a-new-start

davidmcn said:

time-4-a-new-start said:

GDB2222 said:

I wish you luck. It all sounds good to me, providing your figures stack up as you say they do. If you are wrong about the figures, you may be exchanging one lot of negative equity for a bigger lot.

 

  My mortgage company have also done all the checks 

Have you told them the story about the transaction as a whole though? You don't want them to be surprised at a late stage by the "incentive" from the builder.

Yes they are aware as our both solicitors

martindow

Just to confirm that you can sell a house at over its value

https://en.wikipedia.org/wiki/Sunninghill_Park

Not that I'd suggest Prince Andrew as a role model ...

time-4-a-new-start

martindow said:

Just to confirm that you can sell a house at over its value

https://en.wikipedia.org/wiki/Sunninghill_Park

Not that I'd suggest Prince Andrew as a role model ...

Lol thanks