I’m not sure whether now would be a good time to sell the house I’ve been renting out
Q I’m confused about the proposed changes in the capital gains tax system for people selling their home when it has been rented out. I’m unsure if it would be wise for me to sell my house now as my fixed-rate mortgage expires in July 2019. My initial plan was to go with a new fixed-rate mortgage for two years (starting July 2019) whilst I retrain in a new career and keep the property let out for the duration. However, I have recently read about the changes to the capital gains tax system which may mean that I could end up paying a large sum of tax when I come to sell my house. So I’m wondering if I should sell my house now to avoid this. I am not attracted to the idea of purchasing property in the area where I’ll be retraining and so if I were to sell I would not be looking to buy another property for at least two years.
I bought my current house in December 2009 for £215,000. I lived in it until April 2016 when I moved out and it has been let since. Around this time the house next door sold for £296,000. I have had a rough valuation by an estate agent who said that my property should fetch around £330,000 in the current market. Two houses very similar to mine have been sold within a week of going on the market so hopefully I should be able to sell quite quickly if I do decide to sell. My outstanding mortgage is around £87,000 and I receive £1,200 a month rent (before tax).
from Property | The Guardian http://bit.ly/2J0kJC1
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