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Where Taxpayers and Advisers Meet

What to do with my home..

wasp
Posts:1
Joined:Thu Feb 14, 2019 3:42 pm
What to do with my home..

Postby wasp » Thu Feb 14, 2019 4:10 pm

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.

pawncob
Posts:5099
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: What to do with my home..

Postby pawncob » Thu Feb 14, 2019 5:41 pm

I'm not licensed to provide marital, moral or moving advice so I can't help you. If you post a tax question I'm sure we'll all contribute.
With a pinch of salt take what I say, but don't exceed your RDA


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