Do you own property in the UK, but you currently live abroad?
If you're a non-resident selling UK property, you're probably asking the following questions:
Is selling UK property while living abroad possible?
How do I sell my property if I don't live in the UK?
Is there anything I need to know beforehand?
The good news is that yes, it is possible to sell property in the UK even if you are living abroad. It's probably a lot easier than you think. There are, however, several different things you need to consider before you start the process, including the implications of capital gains tax and other such expenses.
The Process of Selling UK Property While Living Abroad
The process of selling UK property while living abroad is largely the same as it would be if you were a resident. It might surprise you to learn that you don't actually need to be present in the UK in order to sell property ‒ much of it can be organised remotely.
So what do you need to do? Firstly, you need to decide how you wish to go about selling your property and weigh up the pros and cons of each method.
You might decide to enlist the help of a traditional local estate agent. Traditional estate agents will charge commission on your house sale and you might find that the process takes a long time. However, they can offer great expertise about the local market and arrange most of the sale for you, including advertising, house viewings and negotiating a deal. All of this is tricky to organise if you are abroad.
Online estate agents charge less commission, and since they operate online, this could be a good choice for you. However, online agents typically do less legwork and leave more for you ‒ not ideal if you're living abroad.
Things to Bear in Mind
If you are a non-resident selling UK property whilst living abroad, there are a few things you will need to bear in mind to ensure a hassle-free and efficient sale.
Selling a home with an estate agent can be challenging at the best of times ‒ and that's if you are based in the UK. An estate agent will always try to secure the best price for your property, and that's great, but it can often lead to a degree of uncertainty. Potential buyers come and go, prices are negotiated and renegotiated and it's not unusual for a sale to fall through at the last minute.
That's why it's vital that you select an agent ‒ and later, a solicitor ‒ who you can trust to act in your best interest and who can communicate with you effectively while you are abroad.
You will need to ensure that the agent and solicitor are willing and able to communicate online ‒ and that includes dealing with important documents.
Capital Gains Tax
The UK government charges Capital Gains Tax on profit that is made during the sale of a house where that house is not the owner's main residence. However, if the following criteria apply to you, you might find that you are exempt:
You or your partner have lived in the property for at least 90 days in a yearly period.
You have not used the property for the sole reason of business.
The property's area does not exceed more than 5,000 square meters.
If you are selling UK property while living abroad, it is strongly advised that you seek professional financial guidance regarding any Capital Gains Tax that you are liable for.
Local Tax Implications
While you may or may not be liable to pay Capital Gains Tax to the UK government, you shouldn't forget the local tax implications either. The best thing to do is seek professional guidance to ensure you are not breaking any rules.
Sell Your House Fast While Living Abroad
If you have property to sell in the UK but you are living abroad, organising a fast house sale will help to minimise potential costs and complications.
To sell your house fast in as little as seven days, you might want to consider using a specialist cash property buyer like Zoom. A member of our team will visit your property and make a fantastic cash offer. Once you have accepted the offer, there's nothing more that you need to do - we'll take care of everything for you.
You can get in touch with us today by completing the online form, sending us an email or calling 0333 880 4362. A member of our friendly team will be in touch within just 24 hours to kickstart the hassle-free process of selling your property from abroad.