Selling a Self-Build House
Self-build houses are those that you have designed for construction and either built yourself or had someone build for you. We discuss the options you may have to sell your self-build house.
Your top questions when selling a self-build house
✅ What types of properties are considered to be self-build?
✅ Are self-build properties typically freehold or leasehold?
Usually, a self-build house will be freehold, which means that the person designing it and ultimately living in it owns the land that it will be built on and will also own the home outright once it is constructed. There are situations where a self-build home can be leasehold, if the lease is for owning a plot of land where the freeholder approves the building of a house.
✅ What is the fastest option available to sell my self-build house?
Your best choice will typically be getting in touch with a quick home buyer such as LDN Properties, because they can finalise buying almost any type of property within weeks, and that includes the time it takes to exchange contracts and pay you the proceeds. Selling via an estate agent or auctioneer, or selling on your own, can all take at least many months.
✅ Do I have to pay commission when selling a self-build property?
No. If you decide to sell your self-build home to a quick property buyer or on your own, meaning you do all the work in finding a buyer, then you won’t have to pay any commission. But if you opt for selling your house either through an auction or using the services of an estate agent, they will charge you commission and this fee will be subtracted from the final sale proceeds.
✅ Should I repair any problems with my self-build home before selling?
You are not required to fix issues such as subsidence or other structural damage before selling, although some buyers may significantly reduce their offer prices because they’ll be concerned about the money they’d have to spend to repair the problem as the new owner. One solution is selling to a quick home buying company as they offer fair prices for problem properties.
✅ Will I have to pay any Capital Gains Tax on the sale of my self-build house?
Possibly. Capital Gains Tax is a levy that the government charges based on the profit that someone makes when they sell a tangible asset, for example a house. If you are required to pay this tax then it will often apply only to the amount of profit compared to the original price you paid to build the house, but there are certain ways to either lower or eliminate this tax burden. Be sure to speak with a tax professional at length before making decisions.
✅ How do I know that quick property buying companies are trustworthy?
To help you identify legitimate quick home buyers, ask them if they belong to an independent organisation known as The Property Ombudsman (TPO), which writes regulations all members must follow that aim to protect owners from falling victim to fraud in the fast buying industry. If a company can prove that it is a member of TPO then this should give you peace of mind.
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