Yes, in fact you can. There are a few things to consider when selling your UK home whilst living abroad. This articles steps you through the areas to consider when selling your UK property from Abroad and leaves you with three useful tips.
Should I Sell My House If I Live Abroad?
The decision to sell your home is a big one and there are many factors to consider. If you live abroad and have been abroad for a long time then it may be worth considering selling your home whilst you’re still living abroad. This is a great option if you plan on living abroad for a long period of time. This article will help provide you with the background to selling your UK property.
Do you live abroad but have an inheritance (house) in the UK that you need to sell?
If you are a British national who lives abroad and owns a property in the UK, you can sell it through the UK Inheritance Tax (IHT) process. This is not just for those who live abroad for tax reasons, but also for those who have inherited properties in the UK from other people. To understand more about this process we recommend that you review our other articles on selling an inherited house.
Critical Factors To Consider when selling a UK property from Abroad
You need to consider the following factors before you decide to sell your property from abroad:
How long will it take for me to find a buyer?
It depends on how much you are willing to sell and how quickly you want to sell it. If you have a property in great condition, in an area that is popular, priced correctly you may be able to sell within a few weeks or months. You may even attract a cash offer for the property. However, if you want to sell it at a fixed price, then it may take some time to find a buyer. If you take this approach you need to factor in all of the costs associated with keeping the property whilst it sells, including for example, mortgage payments, council tax charges, utility charges and general maintenance such as grass cutting.
What price can I expect for my home?
The price of your home will depend on many factors. These include the size of your home, the neighborhood it’s in, the condition of the house, the number of bedrooms and bathrooms, and its overall size, the neighborhood’s school district, crime rate, and many other factors. You can determine what other properties are advertised for by a quick internet search. Remember that these are the advertised prices and the sale prices can often be very different.
Is there any chance of finding a buyer who wants to pay more than what I’m asking?
If you believe that you can get more than what you are asking for your home, you should consider it. You may be able to negotiate a better deal if you are confident in your ability to make a good case. However, the ability to achieve the price is influenced my other factors, including the condition of the house, the number of buyers in the market, and how desirable the house is.
Can I afford the commission that an estate agent would charge me?
It can be difficult to find a good estate agent who will charge you a reasonable fee, as Estate agents fees can be 1-3% or £1,000 – £3,000 on a £100,000 property. However, you could look for an estate agent who charges a flat fee rather than one who charges on a commission basis. If you pay a flat fee, you know exactly what you are paying for. If you pay on a commission basis, you may end up paying more than you would have if you had paid a flat fee. However, the level of service you receive when using a flat fee service, may be much less than if you pay a commissions. The consideration here is that commissions can be a large part of the cost of a property sale. As you are selling your UK house from abroad, the estate agent may add a premium to their service to deal with the perceived extra time and cost of such a transaction. There are other options to sell a house without an estate agent that may be beneficial to you.
The condition of the property
The condition of the property is one of the most important factors that can determine the amount it is sold for. If the property needs repairs, such as broken window, leaky roof, or water damage, the price will be lower than one in excellent condition that does not need any work. It could be that your property has been fire damaged. Doing the work to make the repairs before selling can be extremely costly and you’ve got to consider whether it is worth the time and expense to complete. Sometimes it can be better to sell a house without making the repairs, and there are options for you to achieve a fast Property sale.
The Currency Exchange Risk
The Currency exchange risk is the possibility that you will receive less for a property sale due to the frequent fluctuations in the currency exchange rate. For example you may live in Spain, and agree to sell your UK property for £100,000 at a time when the exchange rate is 1 Pound (£) for 1.5 Euros (€) you would receive €150,000 (ignoring selling costs). If between agreeing the sale and the money being transferred to you, the exchange rate goes down to £1 for €1.25 Euros the amount you will receive for selling your £100,000 will reduce to €125,000, a €25,000 reduction. There are ways you can avoid this risk, but they can be costly.
Knowing What May Cause Delays In The House Sale Process
The house sale process can be delayed by several factors. Some of these are beyond your control, but some of them are within your control. These include things such as the condition of the house, the market conditions, and the buyer’s creditworthiness. If you are looking for a fast house sale, without the hassles usually involved in selling a house, selling to a cash buyer or property investor may be the best option for you.
Three Useful Tips For Selling A House When You Live Abroad
Selling a house can be a difficult task when you are living abroad. However, as long as you are aware of the following tips, you will be able to successfully sell your house and make the most out of it.
Ensure you have proof of ownership
First and foremost is that you must be able to prove that the property is yours. In other words, you must have title deeds for the property. If you are not sure about the ownership of your property then it’s a good idea to seek advice from a solicitor. It may be necessary to get a surveyor to check things out, if there are issues relating to the boundaries of the property.
Ensure your tax records are up to date
The next thing is that UK law states that if an individual lives in their home and leaves the country they must notify the HM Revenue & Customs. This notification has to be made within 3 months of leaving the country and will include any contact details that you have left behind in your absence. Once this notification takes place then there will be no need to register as long as you do not return to live in England permanently again during that time period.
Consider the best way to sell the property
There are a number of ways to sell a property and its important that the options that most suits your needs is chosen. For example, you may decide to sell your property via an estate agent. This can be a good choice if you have lots of time to deal with the questions, chase up agents and deal with paperwork. If you have less time, a Cash offer for your house may be the best option for you.
Cash buyers are probably going to offer you less than the asking price. But the fact you’re going to save money on costs and other expenses like repairs, solicitors fees, estate agents fees you are likely to find yourself coming coming out with more money.
When it comes time to get paid, you should get the option of getting a cheque or having the money transfered into your bank account.
Even if you don’t sell to K&G Lettings Limited, feel free to ask us any questions you may have regarding selling your rental propertyhouse. We’ve helped lots of homeowners sell their house in Hull, Goole, Skegness, Yorkshire and Lincolnshire. Give us a call now at 01482 961961.
