Property Solutions to Sell Your House Fast For Market Value
Whether or not you can sell your house if you’ve fallen behind on your mortgage payments depends on whether you have any equity in your house. You ideally need to owe less on your mortgage than what your home is worth to be able to pay your mortgage lender back once you’ve sold.
Understanding that mortgage lenders only commence court action to repossess your home as a last resort may help your mindset. You are best advised to not ignore your mortgage lender if they’ve contacted you about being behind on your mortgage payments. Ignoring them about your mortgage arrears will only serve to speed the repossession process up. Your mortgage is secured against your home and your lender has the right to repossess it. But if you speak to your lender and explain your predicament, you may be able to stop the repossession and agree revised payment terms.
The tax implications of buying a house before selling include potentially Capital Gains Tax (CGT) when you sell your old house.
This is because it will no longer be fully covered by Private Residence Relief. Income Tax on the rents you receive from your old house if you become a landlord. Plus an extra 3% Stamp Duty on the new house you buy, which is over and above the standard Stamp Duty rates.
What is the difference between a Mesher and Martin order?
The difference is that a Mesher Order involves a divorce with children whereas a Martin Order doesn’t.
These orders are similar, as they are used to postpone the sale of the matrimonial home.
What is the reason for a short sale on a house in the UK and what are the repercussions of agreeing with your mortgage lender to sell using a short sale?
You should avoid using a short sale where possible, but a short sale will have less impact on your credit report than a repossession.
If my house is repossessed can I get another mortgage? Yes is the answer. But there’s a but & this depends how long since your repossession + other factors.
These factors include time since you were repossessed, whether you have a clean credit history since repossession, plus other factors too.
