hi
I have a flat that I've rented out since December 2011, before that date, i lived in it myself. I owned the flat outright with no mortgage.
In December 2011 I moved in with my girlfriend and instead of selling the flat, I decided to rent it out. I had the flat valued at £80k and took out a buy to let mortgage on it for the £60k that I needed.
I'm now trying to sell the flat as my tenant has moved out. Its been valued at £90k and I would accept an offer of £85k on it
My buy to let mortgage of £60k is interest only
so if it sells for £85k i'll be left with 20k once i've paid estate agent fees etc etc and paid off the mortgage.
what capital gains tax will I have to pay please?
I have a flat that I've rented out since December 2011, before that date, i lived in it myself. I owned the flat outright with no mortgage.
In December 2011 I moved in with my girlfriend and instead of selling the flat, I decided to rent it out. I had the flat valued at £80k and took out a buy to let mortgage on it for the £60k that I needed.
I'm now trying to sell the flat as my tenant has moved out. Its been valued at £90k and I would accept an offer of £85k on it
My buy to let mortgage of £60k is interest only
so if it sells for £85k i'll be left with 20k once i've paid estate agent fees etc etc and paid off the mortgage.
what capital gains tax will I have to pay please?
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