Designed to provide ‘fixed cost relocation’ by removing the uncertain costings of traditional ‘Home Sale Guarantee’, this plan will fit in with most existing relocation management arrangements.
The scheme is a straightforward purchase and therefore, unlike traditional Home Sale Guarantee Schemes, the agreed price will be released on completion (usually within three months) whether a new property is bought or not.
- No Surveyors costs
- Simplified (and therefore reduced cost) legal process
- No interest charges
- No capital loss
- No Estate Agents fees
- No ongoing maintenance / insurance/ council tax costs.
- Less impact on the £8,000 tax allowance so greater scope to avoid ‘grossing-up’
- Reduced temporary accommodation costs
- Reduced weekend travel costs
- Employee and family in the new area within three months (other time scales can be arranged)
- Known fixed costs at the outset
- 100% of market value on completion
- Clean’ and easy to understand
- Immediate funds (on completion) with no need to purchase in the new area
- Greater scope to maximize use of £8,000 tax allowance
- Reduced weekend travel
- Reduced family disruption and separation
Exchange of contracts with the employee to buy their existing property can take place within a month and completion within three months, thus enabling the employee and family to be in the new work location quickly and with no on-going ‘old area’ costs / responsibilities for either the Company or the Employee.
Our Outright Purchase Plan is extremely Tax Efficient for both the Company and Employee