House sale/profit query?
20 January 2004, 04:10 PM
#2
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yes, less anything your mortgage company will charge u for paying off early, and less any other moving costs (solicitors bills etc).
if its your main residence, u shouldnt be subject to cgt
if its your main residence, u shouldnt be subject to cgt
20 January 2004, 04:17 PM
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yes, Im in exactly the same position 80k morgage house is now worth 120k a year later. trying to think off a reason I should sell and pocket 40k, a nice new scooby, pocket 20k until house prices come down (very much doubt they would though)
why would u sell and walk away with 40k? what would u do? where would u live? unless u go to renting??? sorry for being nosey but being in the same position Im interested what other people would do if they took the cash, considered moving away but 40k aint gonna get u far no matter how much u think it is
why would u sell and walk away with 40k? what would u do? where would u live? unless u go to renting??? sorry for being nosey but being in the same position Im interested what other people would do if they took the cash, considered moving away but 40k aint gonna get u far no matter how much u think it is
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20 January 2004, 04:26 PM
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Its a 2 bed, i dont need a 2 bed anymore, and am getting a one bed. I'm probably gonna be moving out the area soon too and will live in a new smaller cheaper place until i do, then rent that out and buy a new property to live in wherever i move to.
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20 January 2004, 05:12 PM
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Remortgage it, use the deposit to buy a smaller place, rent it (if in rentable area).
What I'm saying is - try to avoid selling and moving downwards if you can.
What I'm saying is - try to avoid selling and moving downwards if you can.
20 January 2004, 05:33 PM
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I said don't sell it, I didn't say you had to carry on living there! Move out of it and rent it to someone, remortgage to free some equity, and use the equity as a deposit to buy a smaller place that you like.
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