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Sell or refurb? Tax implications
Comments
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That's my current thinking. Bit confused about these HIPs. The Nottingham Property Services have quoted me £375 but I've heard that my wife's boss had one done for £200 by a company in Wales. Guess it's not one of these 'full' ones (although still legally compliant).
Is the cost of selling your house (including the HIP) off-settable against CGT?0 -
That's my current thinking. Bit confused about these HIPs. The Nottingham Property Services have quoted me £375 but I've heard that my wife's boss had one done for £200 by a company in Wales. Guess it's not one of these 'full' ones (although still legally compliant).
Is the cost of selling your house (including the HIP) off-settable against CGT?
yes, all selling costs will be allowable.
Just racking my brain for that welsh hip company. I remember it was based in Swansea, I'll have a google.
monkeymove.comI'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 -
Thanks Silvercar. I've just done an on-line quote and it's £100 cheaper than the quote from my estate agent. I'm not sure of the difference between the two, but as the cost is off-settable and it will be less hassle, I suppose I may as well get them to do it. Cheers.0
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Thanks Silvercar. I've just done an on-line quote and it's £100 cheaper than the quote from my estate agent. I'm not sure of the difference between the two, but as the cost is off-settable and it will be less hassle, I suppose I may as well get them to do it. Cheers.
Are you saying you will get the EA to do it?
Spending £100 to save a maximum of £18 on your tax bill is hardly sensible! Use the cheaper company and save yourself £100 immediately and pay the tax man £18 instead. Buying gold plated taps cuts your tax bill a bit. It cuts into your profits harder. Basic Money Saving principles apply at all times!
Being quick doesn't come into it. You only need to have ordered the HIP for you to be able to commence marketing. The receipt from the online compnay is enough to do that.Everything that is supposed to be in heaven is already here on earth.
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I hear what you're saying - but I was thinking that in the grand scheme of things, £100 is a small amount and it just seems that if the EA is handling it all, it's less hassle for me, especially if the (potential) buyer's solicitor says they're not happy with the HIP. However, upon further investigation, there is a bigger difference than I thought ie £170.
Has anyone had a problem with MonkeyMove?0 -
I'm glad they're £170 cheaper
I made my own HIP and had no complaints. It's easy as anything and nobody cares anyway
Everything that is supposed to be in heaven is already here on earth.
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Oh dear....went to book a HIP with MonkeyMove and chose the 'pay by phone' option. When I called the number, it got answered, but no-one spoke; I could hear faint voices in the background though. Not a good first impression, so I did a quick Google on "MonkeyMove review". Found one review on the first page totally scathing of MonkeyMove. Doesn't give me the confidence to go with them!
Can anyone else advise a cost effective route? The house is in Nottingham, if that matters. Thanks in advance.0
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