Winning an Omaze house is life-changing, but many winners decide to sell rather than move in. Whether you’re cashing in on the prize or simply looking for a fresh start, understanding the conveyancing process is key.
The good news is that an Omaze property comes mortgage-free and usually with a clear title and all required documents in place. However, once you decide to sell, you’ll be treated like any other property owner. You will need to instruct an estate agent to market the property and instruct a solicitor to act on your behalf in respect of the sale. Your solicitor will check the title, draft the contract, and liaise with the buyer’s lawyer.
Because these homes are often high-value and newly refurbished, buyers may expect a smooth and swift transaction. It is important to ensure you choose a conveyancer experienced with premium or unique properties, as they’ll anticipate any unusual title issues or covenants which may need to be resolved.
Another point to consider is a potential Capital Gains Tax liability. While there’s no tax on winning the property itself, selling it later could trigger a liability if the value has risen since you took ownership. Your conveyancer can’t provide tax advice but will work alongside your accountant to ensure compliance.
Finally, be realistic about timescales. Even though the property is chain-free, buyer’s mortgage approvals, surveys, and local authority searches can all affect completion and are unfortunately outside of anyone’s control. Clear communication between you, your estate agent, and your conveyancer will help keep things moving.
Selling an Omaze home is exciting, but treat it like any other property sale. With the right legal support, you can turn your prize into a smooth financial win. Please do reach out to the team at Home Property Law if you have any queries or require any assistance with a planned property transaction.
