2006-09-18 04:36:01 · 14 answers · asked by elizabeth m 1 in Home & Garden ➔ Other - Home & Garden
Its your house, its up to you. As long as the paperwork for you buying it is completed you can do what you like with it.
2006-09-18 04:38:47 · answer #1 · answered by OriginalBubble 6 · 1⤊ 0⤋
As with everything check the contract that you have to ensure no restrictions. ( Council bought property have some clauses)
If you are selling at a profit you may be liable to capital gains tax ( seek an accountants help for your circumstances and undeerstanding of your allowances)
You will also have anumber of fees that will need to be paid and finally,
You must ensure that when you bought the proerty that it was all above board for example if you bought the proerty from a relative for say £1 so they couldnt have their home repossed and you were selling for say £100K then in addition to a big tax bill to worry about potentially you have attempted a fraud.
So assuming everything is above board and you have no funny clauses you should be ok.
2006-09-18 04:54:12 · answer #2 · answered by commentator 2 · 0⤊ 0⤋
Yes, you can sell your house whenever you want to, but may take some penalties from your mortgate company, and you will loose money because of realator fees for selling your home without any equity being built up in the home. I would try to wait it out at least a year, then you can make a small profit or at least break even.
2006-09-18 04:42:35 · answer #3 · answered by ladydragondale 3 · 1⤊ 0⤋
Absolutley. But just be careful because you may have to pay captial gains tax plus approx. $8k for title, escrow, and other closing fees. Not to mention if you use a real estate agent, you will have to pay their commission.
It could become costly and I am not sure you have much equity after just buying the property. If you cant afford the house or dont want to live their any longer, you may want to consider keeping it as an investment property and rent it out for a while.
2006-09-18 04:44:42 · answer #4 · answered by GEE-GEE 5 · 0⤊ 0⤋
Yes but if you have just bought it from the council you have to wait 3 years to sell it.
2006-09-18 04:39:46 · answer #5 · answered by pinkbabi 2 · 0⤊ 0⤋
Once you have signed and exchanged contracts then it's yours, and you can sell it straight away if you wish, no need to wait even one day
2006-09-18 05:13:31 · answer #6 · answered by mike-from-spain 6 · 0⤊ 0⤋
sure but you might have prepayment penalties on the mortgage. most put in a 3 year time frame that they will charge you a percentage of the mortgage to get out of it.
2006-09-18 04:44:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You can sell it at the closing.
2006-09-21 17:40:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yes you can you can sell at any time as Long as you have a buyer
2006-09-18 04:39:30 · answer #9 · answered by maggiehayes34 1 · 1⤊ 0⤋
No rules yet but, hurry up before this government thinks of something else it can make money on!.
2006-09-18 04:44:21 · answer #10 · answered by edison 5 · 1⤊ 0⤋