Once people realise how much money land is worth to developers its hard not to. We were looking at a house that had a garden next to it which was a nice size and would have been great with the house. They have separated it off and want £300k for it. I don't know if thats overpriced but I sure as hell know that no one in their right mind would buy the house and garden and value the garden at £300k. I also know that no one in their right mind (apart from perhaps a developer) would buy the house in its current state at the price being asked.
The nervous wait to exchange....
- Thread starter noj
- Start date
That's what we are waiting for, we need to know and it's a pain for everyone involved that the solicitors just close shop for 2 weeks, obviously we will pull out if it comes down to us having to pay, which could end up in the 10's of thousands. If it's not our liability then there a difficult conversation to be had has I expect the home owner doesn't know what's happening to the wall has he cant see it.
Soldato
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We actually just had that
We moved into this house 1.5 years ago and turned out some developer had planning permission that they have been sat on for 10 years for a large field near us! They started building work last month
It should have come up in the searches if it's within a given distance (I forget what that distance is), possibly only 50m or so.
Does anyone else house hunting keep an eye on properties they have no real intention of looking at or buying because they think they are absurdly overpriced and want to know what they eventually sell for? Not sure if its just me.
Soldato
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My partner still has the alerts coming by email, from our purchase end of 2021!
Soldato
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Yes! There are houses around ours that arguably are not as nice that are on for between £175k - £250k more than we paid for in August 2022.
If they go for asking I'll be very tempted to list ours!
We're just about to list our at about £525k and there is a run down bungalow opposite us being run as a HMO which is smaller, has no garden, needs a load of work doing to it, is right on the corner of a relatively busy main road an is about 10-15% smaller depending on how you want to measure. They have it on for £575k. Its crazy. Whats even crazier is that they had it on for £600k for a while. I reckon its worth £450k to the right buyer but I have that stored on my rightmove just so I can see what eventually happens.
Is that a thing? Have you got any links. I mean, I can't think they are serious about selling when its overpriced by a good 25% or more.
The taxes on second homes apply regardless of whether it’s for sale or not.
There is some tax relief from CGT when you sell a property that isn’t your main residence, but that relief is based on how long you have lived there (if you did ever) and when you last lived there not whether it’s for sale or not.
There are no council tax advantages either. It’s either occupied or it’s not. Unoccupied is usually charged more after a few months of having no charge.
Stamp duty surcharge applies if you have more than one property. You can get it back if you sell the second property within a few months.
There is some tax relief from CGT when you sell a property that isn’t your main residence, but that relief is based on how long you have lived there (if you did ever) and when you last lived there not whether it’s for sale or not.
There are no council tax advantages either. It’s either occupied or it’s not. Unoccupied is usually charged more after a few months of having no charge.
Stamp duty surcharge applies if you have more than one property. You can get it back if you sell the second property within a few months.
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Soldato
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I think you have three years in which to reclaim the stamp duty when you sell your second home and drop back down to one. Unless things have changed recently.
Yes you’re right, it is 3 years. I think I was in a rush typing that out.
The general gist of the post was that it makes zero odds to the property related taxes as to whether it is for sale or not which was the post I was responding to was suggesting.
The general gist of the post was that it makes zero odds to the property related taxes as to whether it is for sale or not which was the post I was responding to was suggesting.