Selling a newly built new build...

[Bekbot]

Is there any way I can sell a new build property immediately? Contracts are signed, I've got cold feet about moving to the area due to finding out my unborn cold will have medical issues... Please help

You can often assign the contract to someone else before completion, if completion not imminent. Suggest you speak to your solicitor first re whether the developer would allow this.

Unfortunately we've Lready exchanged contracts

And completed

Sounds like it’ll have to go straight back on the market per usual ... ?
Personally, I’d speak with the developers to see they are able to sell it for you without you incurring estate agents fees.

All the very best with it & your child.

Someone in my town did this, and had a hefty bill for capital gains tax. It went to court and they lost. Even if you planned to live in the property, if you don't move in you are selling an asset that is not your main residence.

Yes but if you did incur capital gains it meant the value went up (unlikely) and you’d be paying a tax on the increase so you’d be pocketing the rest of the gain.
Check with your solicitor the best way forward.

You'll never sell for the same as you paid so will lose out. Locally a couple have gone up for sale and sold for £30-£40k loss but that would depend on the market you're in.

Personally I would move in and see what happens when emotions calm a bit and go from there.

Thank you all for your replies

I sold a new build 9 months after completion. I spent about £500 on the garden and £500 on light fittings, plug sockets etc. It sold for £4000 more than I paid.

Hmmm OK. I'll look into captal gains. Does it make a difference that we're currently renting from family and dont have a house to sell?

Thanks wobblebot. Some hope perhaps just depends on the market I guess.

Most lenders have restrictions on mortgages if seller has not owned for 6 months

There is no capital gains to pay on your main residence and even otherwise, certainly not unless you make a profit more than your yearly allowance (£12k) after deducting all buying and selling fees/legal fess/ stampduty..
Most bank won’t lend on a property that changed hands less than 6 months ago so you may have a few months wait before you sell, which will allow you time to reassess things.

Just be aware that it's not your main residence (so principal private residence relief will not apply) if you've never lived there, or if you only move in temporarily with a view to sale. Even if it's your only owned property. I'm a tax lawyer and HMRC are taking a lot of cases to court on this point lately...

I have just sold a house. We complete next week and it will be 2 weeks shy of a year that we moved in.

We bought mid June and put up for sale mid January.

We are porting our mortgage (which we can do as long as we borrow the same or more) so no early repayment fee. Obviously we had to pay estates agent fees again, plus stamp duty which for our 290k house we just bought it £4500 just for stamp duty.

Thanks!