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Splitting 1 Property in to 2 and Selling 1
jet77
Posts: 1,586 Forumite
Hi,
I bought my home July 2005 and have (temporarily) got an interest only mortgage of £91k. The property has the potential of being split in to 2 at a cost of £30k including everything from moving metres to solicitors fees (have got 3 quotes for info from builders). The sale of the bottom property would be between £70-£80k. Has anyone done anything like this before? Is it worth getting myself in to this much debt? Are there any reliable builders in Birmingham who won't rip me off?
Apart from 101 questions I have in my head my big one is taxation. Would it be more beneficial to do a Business Plan and register as Self Employed (have experience in this already) to avoid Capital Gains tax? - someone told me this is 40% :eek:
As for loan repayments, I was thinking of making the loan repayments on a credit card and then transferring the balance monthly to a 0% b/t card and paying the min payment each month. If things got really tough would take 6 month mortgage payment break.
All input welcome as am doing this project on my own and value all opinions given.:beer: Thank you!!
I bought my home July 2005 and have (temporarily) got an interest only mortgage of £91k. The property has the potential of being split in to 2 at a cost of £30k including everything from moving metres to solicitors fees (have got 3 quotes for info from builders). The sale of the bottom property would be between £70-£80k. Has anyone done anything like this before? Is it worth getting myself in to this much debt? Are there any reliable builders in Birmingham who won't rip me off?
Apart from 101 questions I have in my head my big one is taxation. Would it be more beneficial to do a Business Plan and register as Self Employed (have experience in this already) to avoid Capital Gains tax? - someone told me this is 40% :eek:
As for loan repayments, I was thinking of making the loan repayments on a credit card and then transferring the balance monthly to a 0% b/t card and paying the min payment each month. If things got really tough would take 6 month mortgage payment break.
All input welcome as am doing this project on my own and value all opinions given.:beer: Thank you!!
JUST DO IT ONE BRICK AT A TIME
PROUD TO BE DEALING WITH MY DEBTS
Weekly Budget: groceries£50/petrol£50/Unnecesary£15
DEBT PAID = 58% (£4,212/£8216):T
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