Property Solutions to Sell Your House Fast For Market Value
Negative equity is used to describe your financial situation where the amount owed on your mortgage is greater than the current value of your home. Which means that if you sell your house when you’re in negative equity the amount you’d receive for your property wouldn’t be enough to clear what you owe to your mortgage lender.
If your house isn’t selling and you need to move right away, what are your options.
You may be moving elsewhere in the UK or perhaps emigrating overseas and need to sell fast. But the location of your house and current market conditions will affect how quickly your house will sell.
If you are willing to consider creative options (which doesn’t necessarily mean selling at under value), you could sell your house within a few days. Yes within a few days!
In the UK repossession of your home can only be used as a last resort by lenders. There’s an agreement in place with all the major UK lenders that they will not begin repossession proceedings until at least three months of arrears have occurred. Also, as a part of the repossession process your lender must refer you to seek independent debt advice.
If you sell your house and don’t buy another home in the UK, you must pay the balance of your mortgage on the property and then bank the remaining equity. The good thing about selling and not buying again in the UK is you don’t pay Capital Gains Tax as long as the house was your your main residence.
It’s best to sell your house before making an offer for another, as although you can make an offer on a house before selling yours, most sellers will only consider an offer from cash buyers, chain-free buyers or those who have already accepted an offer on their existing property.
You should only sell your house to move if you have to, as it is possible to convert your mortgage to a buy to let and keep your house as an investment instead. You could also use the new buy to let mortgage to withdraw some of your equity for your deposit on your new home.
