Mortgage and selling...

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Mortgage and selling...

Post by Angela Fuller on Tue Jan 13, 2015 8:49 am

First topic message reminder :

Can anyone, mentioning no names in particular, advise me as to whether you can advertise a property for sale that has a mortgage on it....My OH is a little older than me (20yrs) -( doesn't look it or act it ), and has in the past had a few health issues. We were considering moving from not such a rural location to maybe a ground floor, ideally with some outside space but walking distance from shops etc....We did take a mortgage out on our present house nearly 10yrs ago and it will be paid in full Oct this year.  As properties are not selling I was thinking the sooner we advertised it the better but I am unsure if you can advertise for sale if there is a mortgage involved.....Any advice would be much appreciated....
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Re: Mortgage and selling...

Post by Angela Fuller on Thu Jan 22, 2015 2:17 pm

But Panner, this is our principal private residence here in Italy and has been for the last 10 yrs so hopefully your posting above will not affect me or OH who does pay UK tax on his pension....every year....a very small amount....and I have not paid tax in the UK for the last 3 years.  Getting worried now......
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Re: Mortgage and selling...

Post by Panner on Thu Jan 22, 2015 2:36 pm

That's fine - claim as PPR, only concern was if you also had a property in UK which was your PPR. You can only have one apart from a short overlap period in some cases.

If your only PPR throughout then will not be a problem

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Re: Mortgage and selling...

Post by stevegwmonkseaton on Thu Jan 22, 2015 4:21 pm

Most people we know who have sold/are selling intend to go back to their home country. However this is great information for those that simply wish to downsize in Italy, one of our options when the time comes. I'd be interested to know if there is a right way to go about selling and buying at the same time regards the finance and how you move your money from one to the other? Is there any quirks to watch out for, is it a case of sell, bank and then buy or can both be arranged as one? No Angela, I don't want to add to your worries, just thinking ahead. I'm sure you will look back on this and think "what were we worried about".

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Re: Mortgage and selling...

Post by modicasa on Fri Jan 23, 2015 7:46 am

The thing you need to remember is that selling your prima casa, means you must buy another within 12 months or lose your prima casa incentives forever....  So you need to plan your sale and puchase.   As to overlap, its not easy - the mortgage is on the property, so you cant take it with you.  It is easiest to sell bank and buy as you said Steve.

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Re: Mortgage and selling...

Post by Vicino on Fri Jan 23, 2015 11:00 am

Sorry modi............I am sure you are correct (as always Very Happy  ) but.........

'lose your prima casa incentives forever'

Does that mean 'forever' ? You cannot rent say for 1yr and 1 day then if you buy again you have lost your prima casa incentives ?

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Re: Mortgage and selling...

Post by modicasa on Fri Jan 23, 2015 11:34 am

Im afraid its forever, if you dont buy another prima casa within the time limit.

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