Selling Price

[pipsaholic]

Hello,

Can a homeowner sell a home well below market value? If the mortgage is paid off? Is there a minimum?

Thanks.

[ostell]

You can sell it for whatever price you like. I there is an ulterior motive behind doing this then there could be other problems

[des8]

Problems such as:
1) if claiming benefits (now or in future) DWP may regard the action as deprivation of assets.
2) Local authority likewise if vendor incurs social care costs
3) purchaser may face a Capital Gains Tax claim from HMRC when and if they come to sell at some future date.
4) if sale price deliberately low to avoid stamp duty, again hMRC might be interested if they hear about it