Selling the contents with the house

[MissRibena]

Hi everyone

My solicitor is in court today and I have an offer on my house (I know I know, it could all go pear-shaped yet). They want to buy my contents.

1. What exactly do "contents" constitute? I don't mind selling the beds, 3 piece suite, dining set and appliances but there are smaller items I would like to hang onto; "occasional" furniture type of stuff. Do I just do up an inventory?

2. Are there any implications for me in selling the contents (and them appearing on the contracts) from a tax point of view? Income tax/capital gains?

Thanks a mil
Rebecca

 

[mf1]

Hope it all goes well.

1. Yes - do up an inventory of what you would like to sell. Have they fixed a price? Theres no point selling stuff you like or need at less then it would cost you to replace it.
2. No tax implications for you if this is your principal place of residence.There is an implication for stamp duty for the purchaser if the value of the contents added to the price of the house moves the transatcion into a higher stamp duty threshold. Revenue require both parties to confirm in the formal Deed that this is not the case.

Will the contents push the total price into a different stamp duty bracket?

mf

 

[stobear]

Miss R,
Congrats , as you say it's not done and dusted yet. Fingers crossed.

On point 1, do up an inventory list of the things you wouldn't mind leaving behind, be specific in what you are bringing. My suspicion is that the buyers want the kitchen appliances and 'big' furniture so make sure you cover everything on that list, give it to your agent and be very very specific with them to ensure the buyers understand what they are getting. Make sure you cover the cost of the appliances as much as possible.

On point 2, make sure your solicitor knows whats been sold in the house, as the contract may need to specify 'contents' being sold also. they should advise as to you tax obligations as part of the convayancing transaction.

 

[oysterman]

Big ups to MissR on the good news....

When I think of all the worry and trauma we've all gone through during R's sale process, I would have thought that we might have had a celebration thread opened up by R rather than yet another stream of anxiety.

And what about the purchasing side of this move? Any ideas when the homelessness thread will open as the day of her sale approaches?

Oh, and as for the original question - it's always been a dream of mine when selling that somebody would want my lousy old furniture as well....If you're trading down (and I seem to remember that was the original intention with this project) you could use this as an opportunity to buy a load of really nice new stuff and hang the expense.

The very best of luck.

 

[MissRibena]

Thanks a million Oysterman. Don't set up the celebration thread just yet. I'm waiting to hear back from the estate agent if they agree on my contents inventory and stump up the deposit. No word since lunchtime! Me nerves!

Purchase side - mortgage free living seems to be a long way off yet. I could never find a bargain to replace the one I let slip through my fingers (boohoo). However, I spotted a much nicer house which is more expensive and put in a (kinda cheeky) offer today. So you never know: I may well end up sleeping a doorway yet or staying where I am (perish the though!) or I may be all set up in the new house anxiety free for life. (Needless to say, I will NEVER move again).

So all in all, don't worry, there's plenty more drama in store if my journey into the property market to date is anything to go by.

Rebecca