Author Topic: selling property help!  (Read 11897 times)

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Offline Dream

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selling property help!
« on: January 27, 2012, 06:07:52 AM »
I have a buyer who wants to complete asap. I will have own the property for 5 years next month and they don't want to wait until then. I theory I have not made an gains but believe I will be liable for capital gains tax (increase in value of house accrding to the Beledeye office?) Could I ask the buyer to pay me now and get the estate agent to do the transfer next month (after the 5 year tapu date) in order to make sure I don't pay any tax. Alernatively when will I know if I have any tax to pay , who do I pay to could I get buyer to pay as they insist on compleing now?



Offline Scunner

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selling property help!
« Reply #1 on: January 27, 2012, 08:36:07 AM »
If it is a non-Turkish buyer it will take more than a month anyway. If it is a Turkish buyer, get the situation explained and get a significant deposit. The tax will be potentially huge - 25% of the difference between the value on your tapu (piddly little amount) and the tapu to be issued to the new owner (possibly close to the real value) - ask the buyer what he would do. Alternatively, get him to pay you into a UK account and keep your head down.  ;)

Offline Dream

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« Reply #2 on: January 27, 2012, 08:56:51 AM »
Thanks, is there a way of finding out what will be on the tapu? I beieve everything will be sorted within 2 days. Do you think it's possible for them to pay me now and delay contract until 5 years is up?

Offline Scunner

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« Reply #3 on: January 27, 2012, 09:18:09 AM »
You can get the likely value now as it is set by the authorities these days rather than the buyer and seller adding on about 50p to the value but I can tell you if you bought five years ago the value declared then will probably be minimal and the set value in two days will be fairly reflective of the true value. Not knowing the details, even based on a £40k apartment of 5 years ownership you might have something like 20,000 lira (£7,000) on your tapu and the new one might be close to full value (say it it 110,000 lira) £40,000. 40 - 7 = 33, 25% of 33 = a tax bill due to you of £8,250!!

I doubt he'll pay now and wait, get a deposit of serious value and a contract drawn up by a solicitor saying the title deed will transfer to the buyer on <date> at which time he will pay the balance. The solicitor can hold the deposit if it makes him feel better.

Offline Dream

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« Reply #4 on: January 27, 2012, 10:17:01 AM »
At what stage is the capital gains tax paid...on day of sale and to who?

Offline Scunner

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« Reply #5 on: January 27, 2012, 10:56:20 AM »
Not at the time of sale - in effect at the time of you sending in your tax return in Turkey. Should you decide to do one.

Offline Dream

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« Reply #6 on: January 27, 2012, 10:59:26 AM »
Thanks for your help

Offline Scunner

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« Reply #7 on: January 27, 2012, 11:04:01 AM »
Pleasure

Offline Dream

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« Reply #8 on: January 27, 2012, 21:29:48 PM »
me again! Would it be ok to draw up a contract as you suggest and give poa to the estate agent to deal with the title .....what things should I make sure I include in the contract/poa

Offline loz

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selling property help!
« Reply #9 on: January 27, 2012, 22:19:43 PM »
Why not ask your agent these questions, that is what you are paying them for.  or pay Scunner for his advice and have his agency have the business of the sale and purchase.  



Only asking:D




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