Selling Property to the Council
We discuss some of options that might result in a faster and more competitive offer when considering selling a house to the council.
Your top questions when selling property to the council
✅ Can I sell a former council house back to the local authority I bought it from?
Yes, it’s perfectly legal to sell your former council home to the same local authority from which you purchased it (if they are offering this service). Council homes are properties that were constructed by local authorities in order to provide affordable housing, and eventually the UK government made it possible for people living in council houses and flats to buy them at a discounted price.
✅ Are there any negative aspects of selling a home to the council?
Yes, there are certain conditions that can reduce the potential sale price of your property when selling it back to the council. If you are trying to sell it back to the local authority within the first years of purchasing the home, you’ll have to refund all or some of the discount you got when buying it. Councils must also typically be asked to make the first offer if you’re selling within 10 years.
✅ What are the alternative options for selling my home instead of the council?
You have four other common ways to try finding a buyer for your property, and these are selling without any third party assistance, selling through a property auction, selling using the services of an estate agent or selling to a quick home buyer like LDN Properties. There are pros and cons of with these methods, but some offer a great way to get a fast and fair offer for your home.
✅ How much will I have to pay in Capital Gains Tax when selling my home?
Regardless of whether you sell your house or flat to the council or via any other method, you might have to pay Capital Gains Tax on the amount of profit that you make from the sale. You should consult with a financial professional to ask them how much tax you may need to pay, as well as asking them about any steps you can take to reduce your overall tax burden.
✅ Which options for selling my home won't require that I pay commission?
If you sell your home to the council, you won’t have to pay them commission but you may have to repay some or all of the discount you got when buying it. Selling your property to an auctioneer or estate agent will require that you pay them fees, whereas you won’t have to pay any commission if you sell on your own or sell to a quick property buyer.
✅ What is the speediest way that I can sell my former council house?
Your best option could be to contact a quick home buyer such as LDN Properties, as these companies are able to finalise the purchase of almost any house, flat or other property within a few short weeks, and that includes the exchange of contracts and paying owners the proceeds. All other options for selling a property will usually take at least several months.
✅ How can I be sure of trusting a quick buyer to purchase my home?
You should ask individual companies if they belong to an organisation known as The Property Ombudsman (TPO), which issues rules to guard homeowners against scams in the quick buying industry. All legitimate TPO members, like LDN Properties, must commit to following these rules, which should give you additional peace of mind with the sale of your home.
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