Giving back some of the profits of a sale to the previous owner

[Panda]

Hi All

Who can tell me more about the law that says that if you make more than a certain % on a house sale and you have owned the house for less than two years you have to give some money to the previous owner.  I learnt of this law as the vendor of the house we are buying has this issue, tell me more someone....

Thanks

Panda

 

[Frederick]

Panda ......Somebody will no doubt be able to quote the law on this ...but ....as far as it was made known to me there is little to worry about unless at the time of the purchase you were aware of information that the seller did not have......like .... to the effect that the value of the property and land would  be about to increase due to some influence on it .or . if you knew sombody  who wanted the house and land badly and would be prepered to pay a lot more for it . and you got it cheap and then sold it on . If you are going to stay in the house yourself  then I  should not be too concerned .   

[hoverfrog]

I believe if you sell within 2 years for more than you bought it for, the previous owners can claim a % of the difference. You can offset against this any expenses for improvements - but only if they were done by registered artisans!

[Panda]

The impression I got  is that the issue is the percentage gain and timing of the sale not about what you knew beforehand.  Any know the exact law on this?

[derf]

This question was asked a few months ago, maybe you can find the replies using the search facility[:D]