advice on selling house or shop please.

jaydeewoo

To cut a long story short, I've inherited a shop worth £70.000 which has a totally safe long lease on it.
Also a house which is very run down but i'm doing it up.It was going to be two flats but some tenants are too much hassle. Upstairs is rented to a friend at the min for £50.00 per week, after just having £10.000 spent on it when I lived there.
I have a mortgage of £103.000 on my new house.

I wanted to keep house( my inherited one ) for my six year old son. I was going to sell shop and pay some of mortgage off or buy another investment but have decided today that I may be better finishing the house, selling that for approx £100.000 investing £50.000 for my son, paying off £30.000 of my mortgage and using the rest to pay off debts and things i would like doing to my home.

Or if i do sell the house would i be better investing £70.000.
sorry if i've confused anyone, please advise.

??? ???

jaydeewoo

Oh c'mon folks, I know my problem may be one of the boring ones but there must be somebody out there who can advise me. Pleeeese.

trafalgar_2

First of all you are confusing yourself as well I think. ;D.......................you have to decide which you want to sell...........then work out what rate you can get if you invest it compared to how much you would save if you paid it off your mortgage............that's what I'd do anyway.
However I think people might give you more suggestions now we've got their attention ;D

divadee

You may liable for capital gains tax on these properties as they are not your main residence. Before you decide anything speak to the inland revenue and get their advice.

They dont ask names etc... on the phone and for all the bad press they get can be v helpful.