Q:I am currently the sole owner of a second house, which was my main residence for 2 years. I then had to relocate due to my job, and changed to BTL mortgage and have since rented the house for 2 years. I think i understand the implications of CGT and selling- if I sell within 3 years of moving out, I am not liable to any CGT.
I am currently paying interest-only on my mortgage there, which stands at around ￡83k balance, and make enough money from the rent to cover mortgage+extras with ￡50pcm to spare for basic maintenance. I live about 300 miles away from this property, and could probably sell it now for around ￡145k, but I could get anywhere between ￡600-800pcm (it is multiple occupancy). It will require some more serious maintenance in the next couple of years, which may include a roof replacement. I have a couple of options, which includes finding a letting agent to do the hard work for me (for a fee), selling now- but the tenants still have 6 months left on their current contract so not sure what my legal stance is, or waiting until Autumn this year to sell. I would just like some general advice on what I could do really, as very unsure. Myself and my partner have guaranteed income and own another house between us and have enough to get along on. I hadn't ever thought about selling until this past couple of days, hence my total indecision!
How easy will it be to sort a new roof from afar?
Either sell up when this tenant leaves or accept that you will need to do a lot of maintenance in the next few years. No point selling a wreck, you won't get decent money for it.
tags: enough money, sole owner
posted in mortgage by admin
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