Advice on my next move!
Hi! I bought a flat in Cambridge just before the crash in 2009, when I moved it was negative equity so I agreed with my lender that I could rent it out. I bought another house to live in. It's now got about 70K equity. I'm thinking of selling it, buying somewhere that I can do holiday legs and use myself in the summer. I have a lot of questions, who can I go to to get advise on the best strategy? My accountant isn't great. Maybe you can help answer some questions too!
-if I lived in the flat myself for a while and rented out my house can I reduce capital gains tax?
-when I buy a new place is it worth doing through a limited company? What are the tax benefits?
- should I consider releasing equity rather than selling?
-would it be a second home mortgage rather than btl for holiday home?
I'm considering this because of the changes coming, I've got a massive mortgage and small net income, so if I can't offset it in the future, it won't be worth keeping. I'd rather have somewhere I can enjoy!
Thanks
