Loss on a property

Dom3663

Hi all,

I currently have a property that I purchased for 70k in 2010 and this is currently my main residence.
I will be completing on a second property, that will become my main residence, within the next 10 weeks.

I have had great difficulty selling my property from 2010, and as such invisage that the sale will be a quick sale of around £60-64k.

My initial thoughts were to get the property rented out, so I have applied to Nationwide for a consent to let (which they will honor for an increased mortgage interest rate of 1%).
Am I understanding that if I acquire the consent to let, and then sell the property; I will be able to place this loss against my earnings?

Thanks for any help

BoGoF

No, you are not understanding it. There are very few occasions when capital losses can be set against income. This is not one of them.

Pennywise

No, even if you did actually rent it out for a while, you still wouldn't be able to set a capital loss against income.