Jump to content
House Price Crash Forum
Sign in to follow this  
nome

£250K House Sold For £2...

Recommended Posts

Here's an interesting tale from my home town, after being evicted for failing to pay £75k legal costs in a battle she lost with neighbours over damaged listed roof tiles, the homeowner has now sold her house for £2 to a couple of ''benevolent private companies'' and is now living back in her house as a tenant with a 10 year tenancy agreement.

The word is these supposed ''benevolent private companies'' are actually family members 

Surely if it was this simple every home owner with huge debts would be doing this kind of thing?..

 

http://www.manchestereveningnews.co.uk/news/local-news/cottage-seizure-sold-2-glossop-12527480

 

 

Share this post


Link to post
Share on other sites
3 hours ago, nome said:

the homeowner has now sold her house for £2 to a couple of ''benevolent private companies''

I'd expect HMRC to be all over their asses - for stamp duty avoidance now and for massive CGT in the future.

Share this post


Link to post
Share on other sites
22 minutes ago, kibuc said:

I'd expect HMRC to be all over their asses - for stamp duty avoidance now and for massive CGT in the future.

unless by some miracle she manages to find £2 to buy the property back once this has all blown over and she has the CGT losses carried forward against future gains, or something like that? Either way, HMRC wont be happy and would certainly challenge this.

https://www.gov.uk/capital-gains-tax/losses

Share this post


Link to post
Share on other sites
Quote

In some situations you should use the market value of the property when working out your gain. Do this if:

HMRC seems to have that particular base covered.

https://www.gov.uk/tax-sell-property/work-out-your-gain

Share this post


Link to post
Share on other sites
2 hours ago, crazypabs said:

unless by some miracle she manages to find £2 to buy the property back once this has all blown over and she has the CGT losses carried forward against future gains, or something like that? Either way, HMRC wont be happy and would certainly challenge this.

https://www.gov.uk/capital-gains-tax/losses

If this was her principal private residence then she is not subject to CGT nor can she have losses carried forward; she is outside the scope of the tax.

Share this post


Link to post
Share on other sites
16 minutes ago, crouch said:

If this was her principal private residence then she is not subject to CGT nor can she have losses carried forward; she is outside the scope of the tax.

oh yes, of course, don't tell the taxman though as he will probably change the rules to place cgt on principle residence. Actually that might cause an HPC,...hmmm should you tell Mr Treasury or shall I?

Share this post


Link to post
Share on other sites
11 hours ago, nome said:

Here's an interesting tale from my home town, after being evicted for failing to pay £75k legal costs in a battle she lost with neighbours over damaged listed roof tiles, the homeowner has now sold her house for £2 to a couple of ''benevolent private companies'' and is now living back in her house as a tenant with a 10 year tenancy agreement.

The word is these supposed ''benevolent private companies'' are actually family members 

Surely if it was this simple every home owner with huge debts would be doing this kind of thing?..

 

http://www.manchestereveningnews.co.uk/news/local-news/cottage-seizure-sold-2-glossop-12527480

 

 

https://houseprices.io/?q=Simmondley+Village

Not shown up yet?

Share this post


Link to post
Share on other sites
2 hours ago, SarahBell said:


Not shown up yet?

In the source data available in CSV the 2007 sale has changed to be some blend of that address and an East London leasehold flat. I didn't want to post it in full in case it breaks some data protection rule. No recorded sale since then though.

Edited by ThePiltdownMan

Share this post


Link to post
Share on other sites

it all looks very dodgy.  Price reduction is nothing to do with housing market, however attractive the headline may look to us bears.

Share this post


Link to post
Share on other sites

According to a comment on the Daily Mail article, her parents are the directors of the purchasing companies.

If a Court oeders her to pay money and she disposes of assets in this way, wouldn't this count as contempt of court?

Share this post


Link to post
Share on other sites
4 hours ago, MrPedantic said:

According to a comment on the Daily Mail article, her parents are the directors of the purchasing companies.

If a Court oeders her to pay money and she disposes of assets in this way, wouldn't this count as contempt of court?

Yep, and helping the purchaser avoid SDLT, tax avoidance, conspiracy etc. Question is, why has the Mail published her public confession? Why didn't they warn her. 

Share this post


Link to post
Share on other sites
3 hours ago, ingermany said:

Yep, and helping the purchaser avoid SDLT, tax avoidance, conspiracy etc. Question is, why has the Mail published her public confession? Why didn't they warn her. 

You ask that question as though the Mail once had a conscience...

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   36 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.