New Posts For Thread: House sale question.https://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-questionA person I know has sold his house recently for a figure dramatically less than the real value. The property is worth about £140000 and he sold it according to Land Registry for £75210. Any suggestions why he would do this. Knowing the bloke I knoIt may be a concessionary sale to a relative.These are very common at the moment and provided that the mortgage is paid off there isn't a problem.The buyer / relative will not require a deposit and will now have equity in the property.Land registry shttps://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546439231#546439231It may be a concessionary sale to a relative.These are very common at the moment and provided that the mortgage is paid off there isn't a problem.The buyer / relative will not require a deposit and will now have equity in the property.Land registry sMon, 05 Oct 2015 12:00:13 -0500As far as CGT goes, if it is not his main residence and he sold it for less than it's worth he'd have to use the market value of the property and not the sale price. I think the solicitor would also be obliged to inform HMRC.https://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546438741#546438741As far as CGT goes, if it is not his main residence and he sold it for less than it's worth he'd have to use the market value of the property and not the sale price. I think the solicitor would also be obliged to inform HMRC.Mon, 05 Oct 2015 11:06:28 -0500The words "person", "bloke" and "dodgy dealing" point at some antipathy towards the person concerned.https://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546427475#546427475The words "person", "bloke" and "dodgy dealing" point at some antipathy towards the person concerned.Sun, 04 Oct 2015 10:47:04 -0500Why would you care how much he flogged it for??https://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546427389#546427389Why would you care how much he flogged it for??Sun, 04 Oct 2015 10:41:12 -0500Next to a BOOKIEShttps://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546425205#546425205Next to a BOOKIESSun, 04 Oct 2015 08:48:43 -0500Its got subsidenceIts in a flood risk areaThe ground is contaminatedNear old mine workingsHigh Radon readingsBanks won't give a mortgage for these and other reasons, so its a buy to let cash purchase.https://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546425117#546425117Its got subsidenceIts in a flood risk areaThe ground is contaminatedNear old mine workingsHigh Radon readingsBanks won't give a mortgage for these and other reasons, so its a buy to let cash purchase.Sun, 04 Oct 2015 08:43:14 -0500Is his name Ally Fraser by any chance?https://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546423315#546423315Is his name Ally Fraser by any chance?Sun, 04 Oct 2015 05:48:02 -0500If it IS his main residence, then there's no capital gains tax liability.Perhaps he had, say, £72,500 outstanding on a mortgage, while solicitor's and estate agent costs came to £2,710. The buyer gives him an additional £50,000 in cash, a new car,https://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546419837#546419837If it IS his main residence, then there's no capital gains tax liability.Perhaps he had, say, £72,500 outstanding on a mortgage, while solicitor's and estate agent costs came to £2,710. The buyer gives him an additional £50,000 in cash, a new car,Sat, 03 Oct 2015 17:19:34 -0500There are a good few "We Buy Houses In 48 Hours " property agents about...quick sale for quick cashor sold half the property for £75k and has done a back to back contract to maintain 50 per ownership and release some cashhttps://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546411013#546411013There are a good few "We Buy Houses In 48 Hours " property agents about...quick sale for quick cashor sold half the property for £75k and has done a back to back contract to maintain 50 per ownership and release some cashSat, 03 Oct 2015 06:58:21 -0500Sold to someone he knows for £75k plus a briefcase full of bank notes to the sum of £50k imohttps://community.betfair.com/chit_chat/go/thread/view/94038/30595451/house-sale-question?post_id=546410905#546410905Sold to someone he knows for £75k plus a briefcase full of bank notes to the sum of £50k imoSat, 03 Oct 2015 06:40:58 -0500