Postby dotto » Sun Sep 11, 2011 10:22 pm
Thank you again. I have concluded that the contract the developer refers to has conditions ie if the houses are not sold within a specified time, then the plots remain in our ownership along with the houses. If this situation happened we would have to sell the houses ourselves (unless we lived in them first) and would incur capital gains tax. If the developer built the houses and sold them within the specified period and the land was transferred into his name ie the deferred payment comes into play - would this incur capital gains tax. It may be that for him to pay for the plots, he has to receive the money from the house purchasers first; I am not sure how this would work as regards the transfer.
I am divorced and my son still lives at home, after ending a long term relationship - we purchased the bungalow jointly.
We have heavily invested in this property and do not want to involve ourselves in what could be a risky and complicated process. However, we have no other offers at the moment, although there has been interest, and thought it at least worth investigating.
Kind regards