If you are living overseas and want to sell property situated in the UK, the process is intricate. Though the process is challenging and long, the good news is at the end of the day; you can sell the property. If you choose an appropriate real estate agent and proficient lawyer, you can sell the property even by not visiting the UK. There are no legal hindrances while selling the property. If you choose a professional online real estate agent, they do the initial groundwork for you. They meet with potential buyers and convey to you the offered price of the property.
To view every step that requires selling the property while overseas, visit https://www.thepropertybuyingcompany.co.uk/. They will provide the name and contact of a solicitor who will prepare the legal documents and send them through a reliable courier service. You can sign a power of attorney in favor of a close friend or relative residing in the UK who would deal on your behalf. To proceed with the sale of property, you need a squad of trusted professionals, such as real estate agents and solicitors, to facilitate the sale of the property even when you stay out of the country. The real estate company appoints a designated agent who acts as a point of contact, answers queries about the property, and updates you regularly.
Selecting a proficient solicitor is also crucial for the entire process; ensure the person is accessible whenever needed. Some lawyers are tech-savvy adopting contemporary means of communication, while others are more traditional in approach. Select a solicitor firm that understands your priority and offers flexibility and proficiency to handle the sale proceeding digitally. The team ensures the movable assets, such as furniture, and vehicles, are sold separately, and the resource is remitted to you. Ensure all important documents and personal belongings are shipped overseas to your residing address. Open a new bank account at the current residency, where the sale proceeds would be remitted.
Non-Resident Capital Gain Tax
If the property you intend to sell is not considered a main residence, then you are required to pay capital gain tax if any profit arises from the sale process. Suppose you are living overseas and selling a property situated in the UK. You are deemed to pay Non-Resident Capital Gain Tax (NRCGT). The nature of the property and its utilization decide whether you need to pay tax if the applicable amount of it. Even if you assume there was no gain from the preceding sale; you need to file the Capital Gain tax owed to you within thirty days from the sale registration of the property.
To know more about capital gain tax, log on to https://www.thepropertybuyingcompany.co.uk/, and they provide relevant information about it. If you sell the house before moving overseas, then you need not pay capital gain tax if you substantiate it was your main residence, occupied by family and no more than one lodger throughout the tenure, and the total area of the land is not above five thousand square meters. If you live abroad and generate revenue through rent, you are susceptible to capital gain tax.