Property Solutions to Sell Your House Fast For Market Value
A restrictive covenant on property imposes limits on its use or on any alterations to the property. A covenant dictates what owners can or can’t do, and are aiming at maintain standards, preserving aesthetics, or to regulate shared spaces within a community.
House price movements in 2023 are a mixed bag with most regions showing price falls, and a few small pockets showing price increases of up to 2.5% where you find more affordable housing in the area.
If you sell your house and don’t buy another home in the UK, you must pay the balance of your mortgage on the property and then bank the remaining equity. The good thing about selling and not buying again in the UK is you don’t pay Capital Gains Tax as long as the house was your your main residence.
It’s best to sell your house before making an offer for another, as although you can make an offer on a house before selling yours, most sellers will only consider an offer from cash buyers, chain-free buyers or those who have already accepted an offer on their existing property.
You should only sell your house to move if you have to, as it is possible to convert your mortgage to a buy to let and keep your house as an investment instead. You could also use the new buy to let mortgage to withdraw some of your equity for your deposit on your new home.
Mortgage lenders require the rental income to be 125% of monthly mortgage payments for basic rate tax payers and 145% for higher rate tax payers for interest only buy to let mortgages. But the interest rate used to calculate the mortgage payments is the stressed interest rate not the actual rate.
