Selling Property To A Housing Association
If you’re looking to sell your home fast, contacting a housing association might be one option, but there’s much you should learn first about this option for selling a property.
Your top questions when considering selling to a housing association
✅ What type of entity is a housing association in the UK?
Housing associations are somewhat similar to councils in that both focus on building and providing low-cost houses, flats and other properties to people who qualify because of reduced income and other reasons. But they differ from councils in that housing associations do not consist of elected officials, and they are technically also considered non-profit entities.
✅ Are there are advantages with selling a home to a housing association?
There are a few limited potential benefits that can sometimes occur when selling a leasehold or freehold home to a housing association. The main pro of selling this way is when the housing association has high demand for purchasing properties in your neighbourhood, because this implies that they will likely move quickly to complete the process of buying your home.
✅ What downsides are there when selling my property to a housing association?
If you originally purchased your home from a housing association and have owned it for less than five years then you may have to repay the non-profit organisation part or all of the discount that you saved from buying it at their reduced sale price. Depending on the type of home you’re selling, it might simply also not be what the housing association is currently looking for.
✅ What steps should I take to prepare my home for sale?
There are a number of steps that you can take to make your home appear well looked after and therefore possibly more valuable to interested buyers. These include tidying up all of the rooms and removing any clutter from them, and doing some affordable and speedy improvement work to the exterior of the property, for example replacing any tiles that are missing from the roof.
✅ How much commission will I pay when selling my property?
You don’t have to worry about paying any fees if you get in touch with a fast buyer to sell your flat or house, or if you sell it without any help. Should you sell through an estate agent or auctioneer then you’ll be required to pay commission often as a percent of the sale price.
✅ What is the average timeline involved with trying to sell a home?
If you use an estate agent or auctioneer, or you attempt to sell the property without any third party support, then you might find it takes many months or even more than an entire year before you secure a buyer. By contrast, if you sell to a fast home buyer like LDN Properties then they should be able to complete the entire process within just a handful of weeks.
✅ Will I need to pay Capital Gains Tax when I sell my flat or house?
It depends on several factors, including the price at which your property sells, because Capital Gains Tax is charged based on how much profit you might make from the sale of your home compared to the price at which your first bought it. Speak with a professional for more information on this topic.
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