help with selling a house
 

Hi i've just posted this in The Lounge as it seemed the right place for it, however I've never posted there before and I know that there are a lot of really helpful people here so I thought I'd copy this in here in case anyone had any advice for me...
We've just got our visa to emigrate to Australia and are about to put our house on the market. I realise this is probably a stupid question, but we've only ever sold a property once...and we were obviously buying another one. Does anyone have the idiots guide to selling a house, e.g. do we have to have a solicitor when we put the house on the market? any guidance on expected estate agent commission? questions we should ask the agent ? etc
Thanks for any replies. I know these are probably stupid questions once you have been through the process but I want to avoid any pitfalls before they happen.
Thanks again
Susan

Re: help with selling a house
 

Hi, I'm up to the exchange part, I didn't get a solicitor until we had an offer, the estate agent we used was 1% commision.
The solicitor has an all in price for completing a sale, around £350, plus any electronic transfers at £20 each.
I have checked endowments are not assigned to the wrong people, and have letters stating from them that they have no interest, so I can cash them in if I want, or as we are doing making them fully paid up and leaving them over here.
Most estate agents have a solicitor that they use, ask them it may be a little cheaper.
As I've just found out ask your estate agent whether they continue to "sell" your house after you have had an offer, ours stopped dead, and where we might have got a better offer we have had nothing. Some still market your house until you have exchanged, check it out as your time scale will be pretty hetic and if your buyer falls out its nice to have a back-up one waiting in the wings.
Hope this helps
Jenny

The commission depends on how expensive your house is and also where you live and how much competition the estate agents are having. For solicitors call around and see how much they charge and what is included. I would not recommend the solicitor of the estate agents due to bad experience.

Re: help with selling a house
 

Sounds to me like gazumping (sorry about the spelling). I have been on the receiving end of this practice and it isn't nice.

Re: help with selling a house
 

Jenny
Have you checked out the tax implications of leaving your endowments in the UK. As I understand it the annual growth will be classed as income and liable to Australian tax.
If there is a way round this I would like to know about it.

G

Re: help with selling a house
 

sorry no idea on tax implications, they are finished in 10years, so will worry nearer the time. I can only assume that as they are tax free here there must be a way round it. Will ask someone before we finally go.
Jenny

Re: help with selling a house
 

Jenny
I would take some advice on that.I saw a financial advisor a while ago.
You are taxed on the Annual growth each year starting from when you move. The ATO count the growth as income and tax you accordingly. You would therefore be taxed every year.
You will be required to declare the growth each year.
The fact it is tax free in the UK is irrelevant.
We worked out we would be paying more in tax than the policy would be worth.
Best wishes
G