Selling a Half Finished House

Selling a half-finished home can sometimes be tricky, however with some simple steps you can still get a fair and fast offer for it.

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Your top questions when selling a half-finished property

✅ What does it mean to own a half-finished house or flat?

A half-finished property is one where the construction work on the home has not been completed before the owner tries to sell it, or where the building itself was completed long ago but an ongoing major renovation of the property has halted and the buyer is now trying to sell it. Either of these types of homes can face additional hurdles in trying to attract buyers.

✅ Will a buyer be able to get a mortgage for my half-finished property?

Most likely not, because it’s typical that half-finished homes do not fully comply with all applicable building regulations and other requirements, making them harder to resell. Mortgage lenders will only grant loans for buying properties if they are confident that they’ll be able to resell the home in the future if necessary, should the borrower default on the repayments.

✅ Is my half-finished property freehold or leasehold?

You own a freehold half-finished house or flat if you are the owner of the building and also the land on which it is situated. You are a leaseholder if you’re the owner of an individual property, such as a single unit within a block of flats, and you pay the freeholder a ground rent each year in exchange for owning the property for a set amount of time, usually many years.

✅ Should I finish work on my half-finished home before selling it?

It’s entirely your decision, and if you have the money, time and energy to complete whatever work remains to be done then one option is certainly to finish it and hope that you’ll get a higher offer as a result. But remember that you can still get a competitive and swift offer even for a half-finished flat or house if you sell it to a fast buying company such as LDN Properties.

✅ Does Capital Gains Tax apply to the sale of a half-finished property?

It can, and if you’re charged Capital Gains Tax then it will typically be based on the amount of profit, also referred to as gain, that you make from the sale of your half-finished home. Make sure you speak with a qualified tax professional about your capital gains tax liability.

✅ What are the fastest options for selling a half-finished home?

Contacting a quick home buyer like LDN Properties is perhaps the most rapid option, because it should only take a handful of weeks from beginning to end. Selling through an auction will take at least many months for all of the various steps involved to be completed. And selling on your own or through an estate agent can often take more than a year before getting a buyer.

✅ How can I avoid paying commission when selling my half-finished home?

If you sell your property to an estate agent, you’ll be required to pay them commission often based on the sale price. You can avoid paying any commission by selling your home to a no-fee quick buyer such as LDN Properties or selling on your own.

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