We Buy Any House For Cash
We buy any house when you want to sell your house fast for a move overseas
As we all know, the number of days the Summer season brings to the UK has depleted over the last ten years. A number of people have decided to move to warmer climes because of this, seeking pastures new with a move to a different country. Furthermore, many people decide to grasp a work opportunity in a different country and there are times when a move abroad may occur quickly, necessitating the need to sell your property quickly.
In both instances, the chances are, you will not be returning to your UK home for the foreseeable future and therefore, will need to sell your UK property. The funds raised from selling your UK property could go a long way to help you set up your new home in the country you move to.
There are a number of things to think about during the process of selling your property to facilitate a move overseas and selling your house prior to an overseas move is hugely important. Hopefully the information below will help you organise what needs to be done.
Will the exchange rate work in my favour?
If you do decide to move to another country, the chances are, you will buy the property in a different currency to British sterling. If the proceeds from the sale of the UK property are helping to fund the purchase your new home, the funds will need to be converted into the relevant local currency.
As an example, if you move to a country that trades in Euros and your house sells for £200,000, you will receive approximately €226,560.
Transferring the funds can be handled by your bank and other exchange services, a handling fee may apply because of the value of the transfer involved. With this in mind, therefore, it is worthwhile researching the market to save money.
Will I have to pay tax (Capital Gains Tax)?
Taxation can be a very complex subject so we would therefore recommend seeking advice from your accountant on this.
In most instances, when selling a home, Capital Gains Tax will not be relevant. As with anything, however, there will be instances when it will be payable:
- If the property is not your main home and has made a profit
- If the total area of land exceeds 5,000 square metres
Capital Gains Tax is all about the profit made from purchase to sale, however, there is a tax-free allowance of £11,300, every penny is taxable.
Selling the property
Generally when selling a property in the UK, an estate agent will be instructed and the property placed on the open market. If a sale is agreed, it is more than likely you will be involved in a property chain. If you are selling a property to move abroad, however, is getting involved in a chain the best idea?
The property law in most other countries is completely different to the property law of the UK. Generally it is more formal from the start with less chance of a chain collapsing. The main reason for this is that buyers are asked to put a large non-refundable deposit down from the outset, whereas in the UK, the buyer does not need to part with any monies until completion. As a result, this makes the chance of the transaction falling down a lot higher.
Due to the potential conflicts between the different legal jurisdictions, getting involved in a property chain whilst selling a UK property and buying a foreign residence could result potentially in a huge financial loss. As an example, if you agree a sale of your property in the UK and then commit to buying that dream home abroad, its likely that:
- You will have to put down a sizeable deposit on your new home
- Flights will have to be booked
- Removal Firms booked (who will generally take a deposit)
If the buyer of your home in the UK pulls out, where does that leave you?
Companies who buy houses
There are companies who will actually buy your house for cash without you having to market and sell your property. Their main sale motto is ‘we buy any house’.
Once you have made an enquiry, they will attend your property to carry out a survey and generally, will make you an offer within 24 hours. Whilst their offer will be less than the open market value, the 2 main reasons why people approach these companies who offer ” we buy any house” are:
- There is no chain involved
- The transaction can take as little as 7 days to complete
The completion date can be tailored around your circumstances, however, so there’s no need to worry if you need longer than 7 days.
Companies that offer a “we buy any house” service, may have a database of local investors in your area who may be interested in making a cash offer for your property. A local investor will generally make a higher offer but bear in mind, it may take a week or two for the company to contact them. One of the fastest growing companies in this industry is FastMove, can make a cash offer, completing within 7 days and in addition also have a large amount of investors on their database who are looking to increase their property portfolios.