Selling house and CGT query

J

JimM230

Registered User
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3
Hi,
Hope I'm posting in the correct forum.
I am in two minds whether to sell my house which is rented at the moment.
We bought it in 1996 and remortgaged in 2006 .
There is a 200K 1% tracker mortgage with 950e/month payment on it.
It has been rented for the past 7 years but it is only covering the monthly payments with a 1000e/month rent.I have been told I should expect to get circa 225K for it .
I've never wanted to be a landlord, and am finding the tax liabilities too much.
What CGT should I expect to pay ?

Thanks.
 
what did you buy it for? and presume its an investment property not your only property?
 
it was our family home from 96 till we traded up, well tried to, till the crash. Im a reluctant landlord now..
 
I hope you haven't been claiming all the mortgage interest as a rental deduction or you may find yourself with a further tax bill to address... :eek:
 
Ya agree on the tax issue.

Without the original cost no one will be able to advise on the CGT.
 
Mortgage and rental issue are nothing to do with CGT. What did you buy it for, costs of purchase, how long it was your family home, indexation possibly, sale price, less costs of sale are what is relevant. Post those figures and dates up.
 
Bought it in 96 for 67k pounds, remortgaged in 2006 for 150k eurowhen there was 40k pound left and house was valued at 300K euro.
Family home from 96 to 2006.
Looking to sell for 225k now.
 
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