Hi
Iam looking to move out of the area but iam unsure of the options/best route regarding tax.
Heres my situation
Bought my home in 2012.
Seller's solicitor at the last minute, just before signing contracts, bomb shelled us by adding a clawback/uplift provision as the property has a large garden and they said it had potential to build a new detached property to the side in place of the existing large double garage.
At the time this was going to be are forever home so it didnt bother us, we just wanted to enjoy the large garden, but life changes and we are now considering moving.
The uplift arrangement basically is for 50% of the land value of any granted planning permission for a new dwelling. Its duration is ten years from 2012 so just some 3 1/2 years remaining.
I have read that some mortgage lenders don't like uplift provisions? - we were cash buyers so didn't affect us.
I asked a local estate agent to value the potential plot and a figure of £200,000+ was the estimated value.
Do i rent it out for the remaining period and move back post uplift ? if so for how long?
Do i sell the property and retain the side garden ?
If i retain it ( the side garden) i may gift it to my two sons ?
Any advice gratefully received.
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