Selling an Empty Home

Empty Homes

In many ways, selling an empty home is no different to selling any other type of property – although if it is in particularly poor condition, it may be more difficult for a potential purchaser to secure a mortgage to buy it.



 

This page contains information about how to sell an empty home, and matters to consider when deciding to do so.

Estate Agents
You may wish to sell the property either privately yourself or through an estate agent. With so many estate agents around it can be difficult to decide which one to choose, therefore make sure you shop around to find the right company for you.

There is no obligation to sell when getting your property valued and it is recommended you obtain three valuations for a balanced view. When selling through an estate agent you will be required to sign a legally binding contract, ensure you read it carefully and understand it. Remember to ask is there a cancellation penalty and how long the contract will run.

Further guidance on choosing an agent can be found through the following links:


The following professional bodies have an online search facility to find agents in your area:


Auction Houses
If you decide to put the property on the market, please remember it can take anything from several weeks to several months to sell if a chain is involved. Therefore you may wish to consider selling at auction.

Auctions have a targeted audience of developers, investors, portfolio landlords and cash buyers. The fact that a property is empty may be extremely appealing to these types of buyers.

Selling your empty home at auction may have several advantages:

  • For peace of mind a reserve price, agreed by the seller and the auctioneer, is set to ensures the minimum acceptable price is obtained
  • Maximum exposure of the property - No outstanding negotiations—purchasers must bid on the day or lose the property
  • Encourages the best offer for the property
  • Certainty of an unconditional sale - when the hammer falls there is a binding contract between the buyer and seller.

Here’s where to find some further advice:


Capital Gains Tax
Capital Gains Tax is payable if you sell or give away an asset which has increased in value.

For more information on Capital Gains Tax please visit the HM Revenues & Customs.

Specialist Agents
At a time when the housing market is not booming think about how to target your potential buyers.

Look out for estate agents that specifically market properties to developers. You could advertise through a self-build plot agency that advertises properties to those wanting to restore or redevelop them.

Here are a few websites which you could try: