Property Solutions to Sell Your House Fast For Market Value
You should only offer over the asking price if you’ve done your research and consider the house to be worth the offer over and you can afford to buy it at that price. You shouldn’t offer over asking price if there are no other offers already on the table.
You can offer less than the offers over price on a house, but be prepared to have your offer rejected. Offers over is similar to offers in excess of (OIEO) but treat it no differently to a guide price. If the house has been on the market for a while the seller may consider your offer, especially if you are proceedable.
What makes an option contract legally enforceable is the consideration in the contract, which represents the amount paid at the start of the contract. Without this consideration an option agreement is not legally binding on either party. The minimum consideration in an option contract can be as little as £1.
The length of time between exchange and completion is whatever the parties who are involved agree to. The gap between exchange and completion is usually anywhere between one to four weeks. This gap allows everyone involved enough time to organise removals, to change utilities and notify friends and others about a change of address. Plus to allow time for the finances to be drawn down. Once contracts have been exchanged it allows both the buyers and the sellers to confirm their removal date and to start packing. But there doesn’t need to be a gap, as the minimum time between exchange and completion can be zero days. Or in other words a same-day exchange and completion.
The cost of becoming an accidental landlord is mounting up. If you’re an accidental landlord, you’ve been attacked on three tax fronts by the Conservative Government changes. The first is the Section 24 Tenant Tax change, which means for the 2020-21 tax year you’ll only receive basic rate tax relief for mortgage interest on your rental property. The second hit to your pocket is the additional 3% Stamp Duty (SDLT) you have to pay on each subsequent property you buy whilst owning your investment property. The final tax-nail in the accidental landlord coffin is the planned changes to Capital Gains Tax (CGT). This final change is to the CGT relief on your principle private residence to Capital Gains Tax when you sell your Principle Private Residence (PPR). If you let a property that was once your PPR, any CGT relief will be lost under these new rules.
The normal period between exchange and completion is one to four weeks. But when you’re agreeing your completion date and given that the transaction is legally binding once exchange has taken place, it’s important to get the period right. The one to four week gap between exchange and completion is usually to allow all parties in the chain to make moving arrangements. Normally, your solicitor will have made sure all is in place contractually before exchange takes please. If you are using a mortgage you are advised to have this in place before exchange too. But the period between exchange and completion can be longer, so long as the extended period is agreed to by both parties. Where the contract period is longer than the norm, this is usually referred to as a delayed completion.
