My Flat, London, Zone 2 Value c £200k, mortgage c 23k. Too small but convenient location.
Late Mother's flat, London, Zone 5 Value c £150k No mortgage. Dated.
3 x Buy to let:-
1. 1 bed Flat - London, Zone 2 Value c £200k, mortgage c 33k Rental income c £800 pcm
2. 3 bed Flat - London, Zone 2 Value c £250k, mortgage c 43k Rental income c £750 pcm (under market rent - damp) Work needed.
3. 2 bed flat - London, zone 3, near Olympic site. Value c £230k, mortgage c 33k Rental income c £800 pcm
All owned over 10 years.
No real savings
Debts:£22k Inland Revenue (3 tax years plus penalties/interest)
£7.5k earlier defaulted loan - at County Court stage
Credit cards on min payment - c £8k
Issues:
1. Need to deal with debts asap
2. Concern about CGT if selling BtL / Mother's flats
3. Concern at 40% Income tax on BTL profits
4. My flat too small - other local BTL flat bigger but unsuitable environment
5. Can't decide way forward with Mother's flat
6. Reluctant to sell BTL flat
2007-08-17
07:08:56
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4 answers
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asked by
steve f
1