Property Sales – 4 Common Mistakes For You to Avoid
People often view selling a property as one of the most stressful times in their lives. This doesn’t have to be the case. If you can steer clear of the mistakes listed here, you will be much more likely to have a problem-free house sale.
1. “I do not have to tell them that”
If you are asked any questions by the buyer (or their solicitor) about your property, then you must answer these honestly. For example, you will be asked to fill in a Sellers Property Information Form which asks for details such as which boundaries you maintain on the property, whether you have had any disputes with your neighbours etc. Failure to answer these enquiries may jeopardise the sale later on and equally you could be liable to the buyer for withholding or providing false information.
2. “Capital Gains Tax never applies to me”
You do not normally have to pay Capital Gains Tax on the sale of your home as there is a specific exemption which covers private residence. However, if you are selling a property in which you do not live, such as a second home, then you may have to pay Capital Gains Tax.
3. “I want to stay in my house until after the sale has completed” Your contract will require you to move out of your property upon completion day. This means that you must have moved out, normally by 2.00 pm on the day of completion. However, agreeing on an earlier time, such as 12 noon, is not unusual. As well as physically vacating the property you need to remove all furniture etc and the property should be left clean and tidy.
4. “I have moved out of my property and it is still fully insured”
When a property is empty it is often wrongly assumed that as long as the building insurance policy is maintained then it will cover all the usual circumstances. However, it is quite normal with a lot of insurance companies that certain risks will be excluded after the property has been left empty for more than 30 days. For example, common exclusions can include risks such as vandalism and burst pipes. Therefore, it is important that you ensure that such risks are covered on your policy in the event of the property being left empty.
Taking care to hire an expert, local solicitor who specialises in residential conveyancing, and being open and honest with them will help you to avoid extra complications and unnecessary problems when selling your house. In addition, don’t leave anything to chance – if you’re not sure what to do or what happens – simply ask your solicitor.
Tim Bishop
If you own a property that you are trying to sell to someone and you are allowing people to live in it by paying rent you should know that in some cases problem tenants can easily impact your property. You can get problem tenants with an assured tenancy document evicted though.
What happens is that you can take a look at whether or not a client that is renting on your property has not paid off that person’s rent. If that tenant has not been responsible with regards to what one owes that person will be able to be evicted. You can get this to happen through an accelerated possession process. This works in that you can get a court hearing set up in less than six weeks to help with getting the problem tenant evicted from your property.
With an accelerated possession process you can get an order for possession in a short period of time. At this point the court should delay the possession that will be involved for a month. After this you can apply for a proper eviction date with bailiffs that are going to be working on your case. With this in mind the bailiffs will be able to get a time set up for the problem tenant to be evicted. In most cases the tenant will have a few weeks to get out before being evicted.
You should watch for some risks with this process. First, the courts could be backed up with other processes that are involved with problem tenants. As a result you could end up having to wait several months for a hearing to be made available. Second, not all tenants are going to be willing to leave your property even after being evicted. Third, a tenant that was nice to you in the past could end up becoming angry and hostile towards you and therefore make it hard for you to get anything done after that tenant finds out about the eviction notice.
Problem tenants should be taken care of because if they do not take care of their rent payments you will have a hard time with being able to get your property sold off to someone. After all, your property will not be able to get as much money with a problem tenant in its area.
However if you do get rid of any problem tenants that you are dealing with it will be easy for you to keep from having to deal with any difficulties when it comes to selling your property. However you should be aware that a quick sale is generally not going to be recommended for this type of property.
In addition to this the vacancy that is on your property should be one that gets filled in a good period of time. This is so you will be able to have a new tenant that will properly pay one’s rent and therefore help to improve the chances of the new owner of the property to earn money off of this investment. The ability to get more money off of something will be a very important thing to look into when it comes to getting a property that once had problem tenants in it sold.
You should be aware of how problem tenants that are not paying rent can influence the ability of you to sell off your property. You can get them evicted through a simple court process though. This can help you to make it easy to get your property sold off to someone new thanks to how the problem will have been appropriately corrected.
Steven Martin is a FSA interim authorised provider of sell and rent back and also provides Quick property sale. He works at http://www.quickpurchase.co.uk
Private House Sales – How to Cut Out the Middleman
You can avoid estate agents fees and cut out the middleman by adopting private house sales. In the times before the internet existed you would have at least paid for one or more newspaper ads to start the ball rolling. Today you can list it for free and on some sites without any hidden charges.
In a similar way as what has happened in the travel industry, the internet is dramatically the property industry. It is no longer necessary to rely on a middleman who may be much more interested in his commission rather than having your best interests at heart. Naturally like any industry there are plenty of very good estate agents who will spend the time helping you find the most suitable property, but even so who wants to pay thousands in commission when this is no longer necessary.
In many instances selling or buying a house will be a joint or family decision. By engaging in private house sales via the internet it means that a couple or entire family can sit down and spend as much time as they wish browsing properties or listing their property.
The reality is that it gives the chance to make a much more educated decision. We can check things like the facilities in the ares we are moving to as well as the going market prices for a similar property there.
The internet has given a whole new level of independence to use when it comes to private house sales as well as many other aspects of our life choices. Recently in the UK the demise of Hips (Home Information Packs) which meant that homeowners needed to spend money on these before they could put their property up for sale, does mean that the property market there can predict an improvement.
Both UK property owners and those in other countries are becoming far more aware of their options now and many more are opting for private house sales.
It is beneficial to use websites that offer these free listings not only for the opportunity to sell private, but also as there is a chance your listing can end up high on the search engines. Potential buyers can spend time browsing listings and choose properties which are of interest.
For those who are with an agent already you can still sell privately and when you succeed you will not have to pay a commission. If it is the case that you have signed a Sole Agency agreement then you can still sell your property privately and not have to pay commission. However be aware that if you sign a Sole Selling Rights agreement then you will have to pay the estate agent’s commission even if you do sell your property yourself.
As more and more people opt for DIY Home Selling it is your chance to engage in private house sales and avoid the cost of commission and cut out the middleman.
Investing in Bulgarian Property – The Fast Track to Huge Capital Gains
There are amazing profits to be made in the Bulgarian property market. Careful research can even uncover properties that offer instant equity and guaranteed returns.
Bulgaria is currently the EU investment hotspot. The prospect of capital gains of 30% per annum, and the cheapest property in Europe is attracting investors from across the globe.
Millions of euros are being spent each and every month by investors eager to cash in and this is set to continue unabated, with the prospect of full EU accession in 2007. Entry into the European Community always prompts massive price increases, with 100% capital gains in a single year, quite commonplace.
All property types in Bulgaria offer incredible value for money and are experiencing good capital gains across the board. However, with careful research, unbelievable opportunities are to be found in this booming market.
The sheer volume of properties can offer a bewildering choice and in any region or resort the asking price of the properties on sale can vary massively. It is vital to accurately gauge the market value of each particular area.
In the off plan market especially, developers will launch their new projects with introductory discounts to stimulate sales. Properties are available with discounts of up to 20%.
The property for sale in Bulgaria is primarily designed for the holiday trade and corporate letting market. Forward thinking developers, have already begun to sign agreements with major holiday companies and corporations for letting the properties they are building. The income generated is then passed to the purchaser, as a further inducement to stimulate sales.
There are currently deals available which will offer anything between 2% to 15% as a guaranteed rental.
Bulgaria offers the best investment opportunity around today. The low cost of entry, consistent prices rises and the expected capital gains surge from EU accession next year, provide an irresistible mix for the property novice and seasoned investor alike.
investmentpropertybg.comwww.investmentpropertybg.com offer a free service to locate either resale or off plan properties, with prices that range from under 10,000. With offices both in the UK and Bulgaria they have a wealth of local knowledge and a massive portfolio to choose from.
The secret to getting ahead in life is to leverage. Leveraging what you have to make more is the only way that successful people have become successful. Perhaps they have leveraged their knowledge or assets to make more money.
You can, too. Wait a minute, youre saying. How can I leverage anything? I work all day for so little!
Heres the answer: A UK Secured loan, guaranteed with assets you have and probably dont even think about on a daily basis, can be used to buy an appreciating asset (like property, art, fine wine, etc.). That way, you can borrow money to make money! Thats leverage!
UK Secured Loans are a great way to get the money you need when you need it. If you have some kind of asset that you can use as a form of collateral, youll probably qualify to get a UK Secured Loan. Heres why theyre so good!
Easy to get! All you need is some kind of security to put up as a form of collateral against the loan. Everyone has assets and most people have more assets than they realize. You can leverage those assets to get the loan you need: how much you need, when you need, and for as long as you need it!
Great terms! Because youre providing a form of surety against the loan, youll have greater flexibility to with the interest rate and repayment terms available! Banks take a risk when they loan out money and they are much more eager to loan out money to someone who is providing a guarantee that theyll pay it back! That means, with a UK Secured Loan, youll likely get a lower interest rate than an unsecured loan, and youll probably have much longer to pay it back, too! When it comes to loans, a secured loan is one of the best choices, because it works to the borrowers advantage!
More money! Depending on your assets, you may be able to get more money than you realized you could get with just a regular loan! And more money means being able to afford just a little bit more!!!
Your dreams will come true! Not everyone has the spare cash they need to get what they want and need. In fact, that describes most people! Thats why a UK Secured Loan simply makes sense. It helps you get the things you need when you need them!
Need to get ahead? Want to be successful? A UK Secured Loan may help you get it!
Following the Thai governments proposals to amend the Foreign Business Act which restricts the rights of foreigners to own or operate certain businesses in Thailand, CB Richard Ellis Thailand has been carefully monitoring the Thai residential, resort and office markets to judge the market’s actual response from news of the proposals to amend the law on foreign businesses and other recent events.
CB Richard Ellis has also looked carefully at the real effect of the current proposals in conjunction with major law firms and has considered the psychological effect and the perception of foreign businesses in Thailand and foreign purchasers of Thai property. The danger of these proposals is that they may be seen as a rejection of foreign investments with large potential losses for both the real estate and construction sectors of the economy and what might been seen as poor public relations or presentation of Thailand internationally.
According to the CB Richard Ellis Thailand Managing Director, Ms. Aliwassa Pathnadabutr, Our first advice to all clients is that these proposals are not yet law. Secondly, detailed reading of the proposals shows them not to be as harsh as the headlines have presented them. Most businesses that will be redefined as foreign will be, by virtue of list three, largely unaffected and allowed to continue with time to amend their structure if necessary. Therefore, most office tenants should not be affected although demand from incoming tenants may well be reduced.
There is strong overseas demand for luxury real estate, both condominiums in Bangkok and resort properties in the price range of US 350,000 and above. There is also strong demand in the mid range market with prices of US 100,000 and above for holiday and retirement homes in destinations like Pattaya, Hua Hin and Phuket. It would be a major loss for the Thai economy to lose this substantial and long term sustainable market to other tropical countries as noted by Ms. Aliwassa.
In conjunction with the government proposal to restrict nominee-structured companies from owning landed property, CB Richard Ellis would like to see positive steps to support the real estate industry such as 90 year leases for villas and an increase in the ratio of foreign buyers in condominiums from 49. Properties such as Laguna Phuket have never had significant local demand but are targeted specifically at foreign buyers, such developments are major contributors to foreign revenue inflow, the construction industry and local economies. Foreigners buying such properties contribute income not just on purchase, but continuously over the life of the properties through the purchase of local services.
For any current owner of a house or villa with a nominee structure, CB Richard Ellis advises owners to monitor the proposals and seek expert legal advice on how to amend the companys structure and comply with any changes. The proposals allow a period of one year to amend or change a companys status. If the Government did move on extending leases to foreigners to 90 years, this would be an obvious route for such villa owners to convert to leasehold.
Existing foreign owners and prospective buyers of Thai real estate should not panic or abandon their interest in purchase. They should focus on foreign condominiums quota and leasehold properties developed by well known and established companies. For example, CB Richard Ellis is proceeding with two overseas sales campaigns with the launch of Condominiums at The Cove in Krabi which will launch sales in late January in Stockholm, Sweden and in February the launch of Leasehold Pool Villas at the Shangri La Resort and Spa, a west coast Phuket beach project.
Despite recent events, there is still sustained foreign interest in Thai real estate. In confirmation of this, CB Richard Ellis Thailand points to sale bookings over Christmas and the first week of the New Year on multi million pound leasehold villas in Phuket and continued condominium sales in Bangkok and Pattaya.
We hope current uncertainties are quickly and professionally resolved so foreign investors know how to safely invest in Thai property. CB Richard Ellis very much hopes for and recommends longer 90 year leases and extended condominium ownership quotas. We believe, with confidence maintained, the Thai real estate market will continue to perform well and to rise on the back of sustained demand. Thailand is still a good real estate buy and foreigners preferred choice over other tropical countries, concluded Ms. Aliwassa.
Although it’s a bit easier now than it used to be, what complicates matters is the number of laws that dictate what you can and can’t do. And change is frequent – it seems as though every budget brings a change to tax laws. That can add even more complication for you.
You may not have come across them before, but there are a number of property tax laws that apply to you and any investments you make into property. They tend to affect income from rental properties, plus any profits you make from selling houses you own.
Use this simple guide to wade through property tax and understand how it could affect you.
First off, the good news. If you’re selling a property that is your main home, you won’t pay tax on it, as long as you satisfy certain conditions.
There’s nothing in the conditions to scare you. You have to have bought the property and spent money on it primarily for use as your home rather than with a view to making a profit. The house also needs to have been your only home during the time you owned it, and you have used it as a place for your family and no more than one lodger to live.
There’s also a condition that won’t expose you to property tax unless you have a huge amount of land. The garden and area of grounds sold with the house can’t exceed 5,000 square metres, which is about one and a quarter acres. This includes the site of the actual house itself.
The law continues to say that if you are married or in a civil partnership and not separated, you and your spouse or civil partner can only have one home between you. And there is some good news – even if you don’t meet all of these conditions, there is still a chance you will be entitled to property tax relief on your property. It’s something you should talk to an accountant about.
So what if you have a second home – will you be liable for property tax on that? It’s not such an unusual question these days. Buy to lets are becoming a more and more popular investment, and any tax laws that affect the profit you make from a sale will affect your future lifestyle (especially if you are investing in property for your retirement).
For property that’s not your main home, you will normally be charged capital gains tax if you make a profit when you sell the house (and by a profit, the Inland Revenue means you make more money than you paid for it in the first place).
In the current tax year (2007-2008), you are allowed the first 9,200 of your total taxable gains to be tax free. And there are a couple of other conditions to help reduce your tax bill.
First off, when working out your profit, remember you can deduct some of the costs of buying, selling and improving the property.
If you are unlucky and make a loss, you may be able to set that off against other profits you make. This is handy way to reduce your liability to property tax if you are a property developer who buys and sells houses regularly, and gets one wrong!
Finally, if you are living together you can transfer property to your husband, wife or civil partner without having to pay any capital gains tax. Unfortunately you can’t give it or sell it cheaply to your children or anyone else; this will potentially make you liable to be charged tax.
Remember to get professional advice from a qualified person before taking any action. Don’t rely purely on information contained in this article.
For further information please visit our website at http:www.propertytoday.co.uk or ring us on 01733 427177.
In case you are considering looking for property sales abroad, there are several things that you need to check before making such an investment. Each country has its particular regulations and laws regarding the foreigners that are willing to sell a property and it would be a very good idea to do some research on the subject of buying property abroad.
Property sales abroad means that you are willing to sell a home or any other type of property that is not located in the same country you have your residence. The most important thing you need to do regarding selling property abroad is to contact a real estate agent in the specific country and ask him to evaluate your home in order for you to know what would be the best price you can ask for it. It would be even better if you could contact more real estate agents for this type of estimate.
After that, you need to make some research on the taxes that you will need to pay for the property sales abroad. There could be some expensive taxes for this kind of transaction and it would be better not to be surprised by them.
At the time you put a property abroad up for sale, you need to consider the reason you are doing this. Are you leaving the country? Are you in a desperate need of money? Do you consider relocating your business somewhere else? No matter what the reasons you might have for selling abroad, you need to know that this transaction should not be made in a rush because you will be more likely to lose money on it. Prepare the property for sale abroad in good time and put it on sale way before you need to leave the country.
After resolving all the legal paperwork, you can arrange some viewings for your property. Make sure all the rooms in the house are clean and tidy and that everything is ready to welcome the potential buyers. When you consider property sales abroad, you need to know that the aspect of the property will be of utmost importance for the quick sale of the property.
Another thing you need to take into account is hiring a lawyer to help you out with all the legal paperwork prior to and after you experience the property sales abroad, in order to avoid any type of problems.
Enjoyed reading this article? For more great information on Property Sales Abroad, visit http://www.expertlanguages.com.
With the economy today it’s no secret that the real estate market has become less active over time. Property sales have fallen to an all time low meaning that anyone who needs to relocate or sell their home is having a difficult time to find buyers. For those individuals who do not have times to wait around for a buyer to come along are looking at other options such as cash property buyers.
So is finding cash property buyers a difficult task? While it may seem like a daunting task to find these types of buyers if you do your research you will learn that there are several investors with sufficient funds in order to help you out of your financial jam. The best thing to do is to find the right buyer and know what your options are when it comes to the market of cash home sales. Even if you are in need of fast cash or need to relocate fairly quickly you want to take the time to do your research before going with the first buyer that you talk to Knowing what to expect when you are attempting your home to an investor may be a bit scary but will normally go smoothly giving you and your family relief.
The process for selling to a cash buyer starts with you giving them a tour of the house. Most individuals who plan on purchasing a house out right with cash will not purchase without seeing the home or just be looking at the exterior so you should be prepared to show the property at least one time and maybe more. Also you may not be aware but most cash property buyers will insist that you leave all appliances in the home including stove, dishwasher, refrigerator, and sometimes the washer and dryer as well.
The next thing you should be aware of is that most of the time cash property buyers will not give you the full value of your home. Due to the fact that you are selling to someone straight out that is paying cash versus an open market, you will not receive the full market value of your home. However, you will receive more than what the payoff amount would be for your home giving you a decent amount of money to pay off debts or to relocate.The last thing to keep in mind is that most cash buyers want the entire process to be completed fairly quickly which doesn’t give you much time to find a new place if you haven’t already done so. You may show the house one day and have it sold by the next week which of course is good for those who are currently cash strapped.
Even if you are in need of fast cash or need to relocate fairly quickly you want to take the time to do your research before going with the first buyer that you talk to. Make sure that all cash property buyers that you speak with are legit and reputable in order to ensure a smooth sale.
You will want to do your research before choosing which cash property buyer to go with to ensure they are reputable. cash property buyer
You have probably heard about quick property sales as an option when someone is with some tough financial decisions to make or just need to sell their property quickly. This happens to be very true when one is face with repossession or perhaps bankruptcy. When you are faced with circumstances that make it difficult for you to meet your mortgage obligations you will discover that your lender will try seeking out their money and when everything else has failed they apply to a local court to be granted repossession orders. This may also happen when one has taken a loan and gave their house as security and if they were in business things simply did not work out and they just have nothing to do. When this is the case you have the option of sitting and waiting for the bank to carry out its threat of taking an initiative and do something about it all. There are many challenges that will catch up with you if you let the former take place and so the better option is to bite the bullet and sell the house yourself.
There are property development companies that specialise in quick property sales and all you will need to do is pick up your phone and speak to one of their staff for advice. Usually, after they hear your side of the story, they will be able to make you an offer within the first 24 hours after you spoke to them. When you accept their offer they will assign you a team of solicitors who will keep you updated on the progress of the transaction. And in case you went in late in the day when you probably will have received an eviction order, the contract you signed with them is enough to keep you lender waiting to receive their cash and therefore not kick you put of the house. These companies are able to pay you up in about 7 days on the lower side and a maximum of 30 days.
This becomes a convenient way of selling off the property because with the cash you receive you will be able to pay off your mortgage or loan arrears and in some cases you will even remain with some money to pay off any other debts you may be having. With the lender off your back and your credit rating still intact, you could also opt to remain in the same house and be paying rent as tenant fro a time period agreed upon between the two parties. And for those who think their financial woes are only but for a moment there is even a chance to sign a buy back option that allows you to buy the house back later when you have come back to your feet.
Contracts will be exchanged and a completion date will be set to suit your requirements. You will receive all of your money with no added costs as we pay all the fees for you. Regardless of your situation, or type of property, there is a guarantee that they will buy your home fast, giving you the opportunity for a quick home sale. This is a better option that waiting for repossession to take place even though they will buy your home for about 75% of the market value. The goodness with these fast cash buyers is that they will buy any property in whatever location no matter what the condition is like. Weigh all your options and when you must decide than decide with your head and look forward for great improvements should you manage to come out of the woods sooner or later.
Steven Martin