Selling a house
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Do you pay Stamp Duty when you sell?
No, you do not pay Stamp Duty when you sell a house. Stamp Duty is a tax paid by people buying a house.
How do you sell a shared ownership property?
When you sell your shared ownership home, you are only selling your portion of the property. That’s because shared ownership homes are divided between residents and organisations such as housing associations, unless 100% of the property has been purchased by the resident.
The housing provider running the scheme is entitled to buy your share back from you before anyone else. This is what’s called ‘right of first refusal’.
What happens to your mortgage when you sell?
If you already have a mortgage when you sell your property, there are a few options:
- Porting – Your current deal comes with you to the new property. This is called porting a mortgage.
- Paying it off – You may choose to pay your mortgage in full with the money you get from selling your house – provided the property is valuable enough to cover the outstanding mortgage amount.
How to sell a leasehold property?
When you buy a leasehold property, you own it for a limited amount of time. When selling a leasehold property, you’ll need to arrange an assignment. This is the formal name to describe transferring the lease from you to the buyer.
What happens after you accept an offer?
You can ask the estate agent to either remove the property from the listings or list it as ‘Under Offer’.
You’ll then need to get your paperwork in order, wait for the buyer to carry out their surveys and make sure all the legal work is correct. A valuation will then be carried out by the mortgage lender of the buyer to make sure it’s worth the agreed price.
What happens if the sale falls through?
If the buyer pulls out of the deal before contracts are exchanged, speak to your estate agent about approaching other bidders to see if they are still interested. If none of the other bidders are now interested, you’ll need to relist the property.
The content on this page is for reference and does not constitute finance advice.
For impartial financial advice, we recommend government bodies like the MoneyHelper.
Important legal information
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