Selling Your Home ‐ FAQ
- Apportionment Of Leasehold Service Charges
- Cancelling Your Buildings Insurance
- Inheritance Tax And Capital Gains Tax
- What Time Do I Need To Vacate The Property On Completion?
- Who Pays The Agent's Commission And Redeems Our Existing Mortgage?
Apportionment Of Leasehold Service Charges
In respect of a leasehold property or a property which has a liability to pay any type of service charge, the amounts will be split (apportioned) between the buyer and seller on completion.
The annual charge will be split so that the seller only pays up to the date of completion and the buyer takes liability thereafter. If you have paid the yearly charges in advance, we will ensure that the buyers share is paid back to you with the completion monies.
Cancelling Your Buildings Insurance
If you are selling it is important that you should continue the insurance on your property until completion has taken place. Unless you have an ongoing claim you should cancel your buildings insurance on the completion date. You should let us know immediately if you are in the process of making a claim on your policy. It may be necessary for the benefit of the claim to be transferred to your purchaser. Therefore, you should let us have full details as quickly as possible so that we can consider the way in which we can deal with the matter.
Inheritance Tax And Capital Gains Tax
Certain land transactions may attract a liability for inheritance or capital gains tax.
For Inheritance Tax purposes where the value of the deceased person's assets (including the value of property) exceeds the exempt amount a liability may arise.
With regard to Capital Gains Tax, various rates apply depending upon the circumstances.
If you have any queries regarding potential liability in respect of these taxes, please let us know.
What Time Do I Need To Vacate The Property On Completion?
Under the Law Society contract conditions this is 2:00pm. However certain contracts vary this and can be from mid-day onwards. We will report the time to you before completion.
Who Pays The Agent's Commission And Redeems Our Existing Mortgage?
Fosters will deal with this on completion.