Selling or downsizing the home
What happens when the plan sells the home, or swaps it for another, in a year you choose.
Under “Your home” you can plan a sale or a move in a chosen year. The home sells at its projected value for that year, or at a price you have agreed, used as entered. The costs of selling and any mortgage still owed come off, and so do any care fees deferred against it. A next home, if you name a price, is bought with its transaction tax and moving costs on top. Enter what a home like it costs now and the plan grows that with house prices to the year of the sale, or mark the price as agreed and it is used as it is. The rest goes into the pot you choose. With “Spending first, then invested” it pays that year’s spending, and what is left is invested the way a surplus is.
From that year the home in the plan is the next one, or none. The assets chart with the home draws the change. Every chart marks the year with a house, and the year’s tooltip says what was sold, repaid and kept.
No capital gains tax falls on a main home. Where the home is left to children or grandchildren, the inheritance tax home allowance the sale would lose comes back, up to what else the family inherits.
The costs of selling and moving, and the tax on buying, are Landfall’s assumptions and the nation’s rules, each with its source. A reader with a quote can see the difference on the Data tab.
More in How the numbers work
- Where the figures come fromEvery tax figure in Landfall traces back to a named source and the date it was read.
- The assumptions you setLandfall starts you with sensible defaults. All of them are yours to change.
- Your withdrawal rateWhat the rate on the plan page measures, and what it can be set beside.
See your own year
Will your money last?
Enter what you have, earn and spend. The first answer is free.
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