Need LTB on our home to buy another property to live in - help please?

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    #16
    Originally posted by Advice seeker View Post
    If I am correct, if it did go over the 9 months, the CGT would be due and increasing each month, but this would have the time of ownership plus the 9 months and tax free allowance deducted from it?
    Yes, that's correct (the tax free allowance is a one off, so it doesn't change with the period of ownership.)

    And you'd have the income from the rent (with an allowance for the interest paid against income tax) to offset some of the additional costs.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #17
      Advice seeker,

      When selling your property, it is best to leave vacant so that prospective buyers can view the property and offer you the highest price.

      If you have a rental tenant as occupant , the tenant may be difficult and not allow anyone to enter and view inside the property. This means the prospective buyers will lower their offer price.

      Comment


        #18
        Thank you JP and Gordon, really, this is very helpful to me!

        All being well JP I can get this all done within the 9 months, am aware this is a challenge! Would have been so much easier when 18 or 36 months!

        On the tenant side Gordon, I am in contact with a university accommodation office who specialise in tenants new to the area and looking to buy, needing a stop gap. I would be upfront about the need for access etc... so hopefully would be ok as they have to be approved to join the site.

        One thing they did say is I need to sort my own contract, which is fine, but also the deposit side of things I know there was a TDS thing before so probably just need to read up on all this.

        Cheers again, if there was a virtual pub on here I'd buy you a pint or two each!

        Comment

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