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Emyr Pierce.

Q. If my house is up for sale, can my mortgage company still repossess it? A. Technically, yes. If the mortgage company has undertaken possession proceedings, it may not make a difference if the property is on the market with no agreed sale. Depending on how long the property has been on the market, the mortgage company may decide to obtain a possession order then sell the property through auction. If, however, a buyer has been secured, then, provided the sale is progressing, the mortgage company are unlikely to obtain a possession order as they, and the court, will hope the sale proceeds. In most cases the mortgage company will proceed immediately to obtaining a possession order but will allow it to be delayed to enable any negotiated sale. This gives the lender the knowledge that a possession order has been obtained but which will not need to be enforced unless the sale falls through, and the court will usually order a reasonable period for such a sale to progress. This means if the sale falls through the lender can refer the matter back before the court for enforcement. If contracts are exchanged, the lender will withdraw proceedings as they will be satisfied there is a legally-binding obligation on the buyer to complete and they, in turn, will be entitled to the net proceeds of sale in the usual way. In all such cases, it is imperative you maintain a close dialogue with the lender and keep them informed of the progress on any sale.

Q. I have inherited a house from my grandmother and have been told I will have to pay stamp duty land tax when the property is transferred from her name to mine. Is that correct? If so, how much will the duty be on a house valued at PS140,000? A. There is no stamp duty payable on properties inherited under the terms of a will or intestacy. The appropriate tax, if any, payable on a deceased's estate is inheritance tax. There is no double charge to tax. If there is no inheritance tax payable on the estate then the passing of the property is free of tax.
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Title Annotation:Features
Publication:Western Mail (Cardiff, Wales)
Date:Mar 1, 2014
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