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Selling second home-advice wanted please!!
catterlen
Posts: 169 Forumite
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!
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!
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Comments
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If it needs serious work, can you do this with tenants or will you need it vacant? If things are starting to go wrong you will end up with complaining tenants, difficult to manage yourself from a distance.
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.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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