Selling your home involves more than finding the right buyer and agreeing a price. There are financial implications to selling that are worth understanding early — and getting the right advice before you put your property on the market can save you money, prevent nasty surprises and make the whole process significantly smoother.
At CastleBrae, we work closely with a trusted network of fully qualified, independent financial advisers who can help you navigate every aspect of the financial side of selling — so that when the time comes, you're fully prepared and completely confident.
Our team at CastleBrae are property experts, not financial advisers — but we know that the financial side of selling can be just as important as finding the right buyer. We'll introduce you to the right people, and from there any advice you receive is completely independent and entirely unbiased. Our advisers have no preference for any particular lender or product. Their only goal, like ours, is to find the best solution for you. At CastleBrae, we'll never push you towards any particular adviser or product. Our sole aim is to make sure you have access to the right people, so you can make the most informed decision possible.
Whether you're selling and moving on to your next home, downsizing, or leaving the property market altogether, a qualified independent adviser can help you with:
What happens to my existing mortgage when I sell?
When you sell your property, your existing mortgage is repaid from the proceeds of the sale. Your solicitor will handle this as part of the conveyancing process, but it's worth understanding your current mortgage terms before you commit to a sale date, particularly if you're on a fixed rate deal.
Early repayment charges — don't get caught out
This is one of the most commonly overlooked costs of selling, and it genuinely catches people off guard. If you're currently in a fixed rate mortgage deal and you sell before that deal ends, your lender may charge you an early repayment fee for breaking the agreement early. An independent adviser can review your mortgage and give you a clear picture of what you might owe.
Can I take my mortgage with me?
If you're selling and buying a new property at the same time, you may be able to port your existing mortgage. This can be a really attractive option if you're on a competitive fixed rate that you'd rather not lose. Not all mortgages are portable and there are conditions attached, but your adviser will be able to tell you quickly whether it's an option worth exploring.
Capital Gains Tax
For most sellers, Capital Gains Tax isn't something you need to worry about — if you're selling your main residence, you're typically exempt. However if the property you're selling isn't your primary home — for example a buy-to-let, a second home or an inherited property — Capital Gains Tax may apply to any profit you make on the sale. This is an area where taking independent financial and legal advice early is essential, as the planning you do before you sell can make a significant difference to your liability.
Thinking about selling? Give us a call or drop us a message and we'll be happy to talk you through the process — and introduce you to one of our trusted independent financial advisers when the time is right.
