Do you love your second home abroad so much that you don’t need your property back in Britain? Did you rent out your home to go travelling but never see yourself coming back? Perhaps you have been posted overseas for work and want to make the move permanent? Maybe you live abroad but have inherited a property in the UK that you need to sell?
If you can identify with any of the above, you may be wondering how it is possible to sell a UK property you own when you’re based in another country – especially in modern times when international travel isn’t as easy as it was.
Considerations when selling a UK property when living abroad
Although there is nothing legally stopping a UK property owner from selling up while living abroad, there are extra aspects to think about. Open Property Group highlights the following:-
Choose your conveyancer carefully: ensure your conveyancer has experience in concluding property sales with sellers remotely as it won’t always be possible for you, the seller, to nip back and sign paperwork. A conveyancer who has a secure online portal is a good choice, as you can check your transaction’s progress online wherever you’re living.
Take professional tax advice: if you make any profit when selling a property you own in the UK, you may be liable to pay Capital Gains Tax, even if you’re paying into another country’s tax system. How much, if anything, is due is best worked out by a tax professional. Be warned, if you don’t pay any UK tax, you’ll still need to notify HMRC that you’ve sold a property within 30 days of transferring ownership.
Work with tenants: if your UK property is rented out to tenants, there will be a set procedure to follow when selling. Open Property Group can give you professional advice on this matter and we will happily buy property with sitting tenants, saving you the hassle of starting an eviction process.
Consider the property’s condition: if you haven’t visited your UK property for a while, you may be unaware of its state of repair – especially if it’s been left vacant or is tenanted. Cosmetic appearances are not such an issue but vandalism, structural defects and major damage can affect a property’s value, and potentially put off buyers on the open market.
Decide whether the open market is the best sales method: you can start the sale of any UK property by simply instructing a local High Street estate agency but there are downsides. You’ll be asked for property access to take photographs and to conduct viewings. In addition, you may be at the mercy of a property chain, and you could end up chasing everyone involved if the sale doesn’t move as quickly as you need it to. Doing all this from another country may not always be the most sensible route.
Consider a direct sale to a professional property buyer: Open Property Group has helped many Brits sell property fast, even if they’re not residing in the UK. Selling to a professional cash buyer cuts out several middle men, ensuring the transaction is as quick and as stress-free as possible. Selling to Open Property Group means:
- There’s no need to travel back to the UK at any point in the sale
- Our cash offer delivers completion and money in your bank in as little as seven working days
- You can conduct all communication via email and telephone
- There is no chasing estate agents and your transaction won’t drag
- There is no chain to worry about
- You won’t need to undertake maintenance or structural repairs, as we buy ‘as seen’
- The completion date is set by the seller – as quickly as seven working days, if required
- There’s no chance of gazundering or haggling
- There are no estate agency fees, legal fees or EPC fees to pay
If you are living overseas and would like the simplest and most stress-free way of selling your UK property, contact Open Property Group today.
Watch the video below which explains more about selling your property fast or click here to continue reading this article