Hi,
Yesterday I received an offer on my house in London, Uk. Although I had particularly stated that I would accept crypto-currency, I was disappointed that the offer was 100% Fiat. I have accepted the offer for £751k, but of course its not yet set in stone. If you wanted to make a higher offer, through the estate agent, with a minimum 40% in GBP then I'd listen. (I have a mortgage to pay off, so the solicitor needs some cash to work with to do that.)
Estate agent links are here:
https://www.rightmove.co.uk/property-for-sale/property-85664483.htmlhttps://www.robertsonsmithandkempson.co.uk/properties/12660347/salesThe house would suite someone who wanted to diversify somewhat out of Crypto. The house is suitable as a rental or for a family of 2 or 3 to live in. It would be excellent as a medium term investment property.
So if you would like to do this please contact the estate agent and/or myself - they will want to do some mild KYC, but thats normal in London. (And will also say that the sale is agreed, but tell them the offer you are making and see what they say.)
How would exchange work? Thats an interesting question, one I have thought quite a bit about. But this is how I see it. I'd ask the solicitor to order a Open Dime USB device. Then I would ask them to send me the public address on the open Dime device and explain to them how to check that the balance is zero. The open Dime Device is then locked in their safe. It is a condition that they would have to agree to that the open dime device is surrendered to me undamaged / unopened. The proportion in any combination of £, BTC and BCH would be agreed % wise on the date of exchange of contract. The actual BCH, BTC due on the day of exchange would be agreed on the Fiat price, using values for BCH or BTC from Coin market caps at a pre-agreed time on that day. These amounts (it could be a combination of BTC and BCH or just BTC or just BCH) would be transferred to the Open Dime device that is sitting in the solicitors safe. I would check these amounts. The solicitor is able to break the open dime key and steal the funds but a solicitor is a trusted 3rd party so that this does not bother me. After or at exchange I would collect the open dime device from the solicitor. And the solicitor would not complete the deal unless the amounts had been received by the opendime device. Normal penalties for not proceeding with an agreed sale would apply.
This I see as the main outline.
Uk stamp duty would be payable on the full value of the house as is normal. Selling for a lower price with the rest made up "off the books" is difficult and fraught with trust issues, since the solicitor cannot be involved since they are obligated to report the sale price. I would not be keen to get involved in that and in any case it couldn't be a large proportion of the sale price because selling it "under market price" would incur taxes as if you had sold at "market price."
Any thoughts on procedure (even if you are not going to make me an offer for the house!) would be of interest.
