Dawn

Hi all, can I ask, if we've only been living in our house 5 months, can we sell it with no penalties??? someone mentioned to me we would have to pay capital gains, although I think the house is still the same value, its our only house, which were living in, so not renting it out or anything. Also, if all our cash is tied up in the house how does it work with regards deposit for new home ect, what has to be paid up front, or can they wait till this house is sold....hope that makes sense Thanks in advance x

JAJ

You don't have to pay capital gains tax if there are no capital gains to begin with!

Santa

Spot on, and as it's your place of residence I beleive this also excludes you from coming under the capital gains tax. Be safe though, check with an accountant.

St.Georges Girl

If you are selling to buy another property, when you put an offer in, you will have to state that the offer is subject to the sale of your house. You will only pay CG if it isn't your sole residence.

Dawn

Ahh thanks for your replys............so if were selling ours is it ok that we dont have a deposit as such and it can all be sorted once the house is sold, so we need no cash upfront, sorry know I sound dim but didnt have house in Uk so not sure of the process, thanks so much

St.Georges Girl

It works very differently here anyway, but just ask your estate agent and they should guide you through it. Just make sure you sign nothing until you're 100% sure what is on the contract, 'cos once it's signed you can't get out of it. You can state 'subject to sale' or 'subject to finance' or both if you wish, but don't let any agent push you into anything you don't agree with. A friend of mine is a real estate agent here in the northern suburbs if you want her number just for abit of advice. She's a Pom and is really nice.

Dawn

Ahh thanks thats so good of you, would you mind pm'ing me the number. Cheers for that, rather to talk someone I can trust

hoots nan

If you got the first home owners grant then you will have to pay so much of it back, we did as we'd only lived in ours for 8 months not the full year.
Rach

St.Georges Girl

Sent you a PM Dawn. Good luck.

Xgeminix

Hi Dawn

Just thought I would mention that if you used your first time home owners grant when you bought this property and sell before you have lived there 6 months within a period of 12 months from the original settlement date, the full $7000 would have to be repaid, but you probably knew this already...


Jude xx

sj oldfield

Dawn...............where are you off to?????????

nightnurse2

That's what I was going to ask -
nosey buggers aren't we
Tracey

Dawn

Bum, didnt think of the first time buyers grant!!!, do we have to stay a year then so we dont loose it or just the 6 months?? not sure were moving yet just keeping our options open,,,,,mortgage is just to high for us so may go for something smaller.....im looking for a full time job at mo so may not go anywhere, prob is cant find anything I like thanks for all your help xx

nightnurse2

Oh, so no gossip then
See you soon
Tracey

Xgeminix

As far as I'm aware it's only 6 months within a period of 12. If you have already lived 5 months in your property and it has been your primary residence only another month will mean you do not have to repay any money back. Unless you find a buyer straight away and settle within the next month you will be fine.

Jude xx