The prospect of selling your home can be daunting – all the more so if you are looking for another property to buy at the same time. The decisions you make along the way could save you – or cost you – many thousands of pounds. Here’s our main aspects guide to the process of selling your home.
Sales price and marketing
Before you sell your property, it is strongly recommended to have it evaluated by a real estate agency. The English markets are evolving rapidly and since the announcement of Brexit, prices are subject to big variations. Once this assessment is done and the selling price determined, you can hire a professional for marketing. On average, agency fees vary between 1.5% and 3% excluding tax of the sale price of the good (VAT: 20%) and depend on the type of mandate of sale. As in France, the commission is due to the definitive sale of your property and is in addition to the “net seller” price. The real estate agent will take care of all the steps for the marketing, will realize professional photographs, will diffuse your good in the adapted media, will take care of the visits and will take care of the realization of the diagnoses (to note that you are not do not have to use the service of the agency to make these diagnoses even if often their negotiated rates are interesting).
Advice: Accompanying a real estate agency when selling your property in London is very important. In addition to guiding you in the sale, she will help you to carry out the technical and legal procedures required. We have developed expertise in the London market. Contact us for more information and to meet a professional selected by Story’s.
Taxation on the sale
Before selling your property, it is important to anticipate the different taxes that may have to be paid. The question of taxation is central to the realization of your future projects, in England or abroad.
If you sell real estate in England as a French tax resident, you will have to pay this tax in England but also a part in France because you will depend on the rules defined in the tax treaty signed between France and England. This will define the rules of taxation and double taxation. In the case of the capital gains tax, France will be able to claim a tax amount corresponding to the difference between what you have to pay in England and what you would have had to pay if the property had been located in France. In other words, the total final amount you will pay will correspond to the amount of French tax on the realized capital gain.
If you sell real estate in England as an English tax resident, you will be subject to normal English taxes. (see tax page in England)