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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
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Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Hi. i have 5 properties at the moment one to which i live in.

Resolved Question:

Hi. i have 5 properties at the moment one to which i live in. Was thinking of buying land for a self build. Problem being most of my monies is tied up in the four rental properties!!
Was wondering the best way about selling one poss.two of the properties to fund the build??

Many thanx
Garry lloyd
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.

Dear Garry,

 

You can certainly do that. However, instead of selling one of the referred properties, will it be possible you to borrow ? That way you will keep the property too as the real estate markets have shown signs of revival. This way, you would also hold the existing property, and based on your eligibility, if you manage to get the land financed, you would create another property without selling the existing one.

 

HOWEVER, if the first option does not suit you, you can certainly go about selling the one of the properties as that would be the most preferred way of going about that.

 

I hope this helps...
Warm Regards,

Customer: replied 3 years ago.

Thanx for speedy respone. Im afraid I would have to sell at least one property. If I sell one property that im not registered as living in..ie not my sole residense will it be liable for CGT?? And is there a way around this??

 

Cheers

Garry Lloyd

Expert:  Rakhi Vasavada replied 3 years ago.

Dear Garry,

 

Yes, since the property that you would sell are your investment properties, and not the one you are residing in, they will attract CGT. Also because, you don't pay income tax on it as dealing in property is not your line of business. The following link shall prove to be a good guidance for you. http://www.hmrc.gov.uk/cgt/intro/when-to-pay.htm#2

 

To find out the exact nature, you may contact your local office at http://search2.hmrc.gov.uk/kbroker/hmrc/locator/locator.jsp?type=1

 

I am sure this would help...

Warm Regards,

Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 3834
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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