Sneja Vasileva

Registered with Property118.com
Tuesday 1st September 2015


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Total Number of Property118 Comments: 1

Sneja Vasileva

23:30 PM, 1st September 2015, About 6 years ago

Trapped in consent to let and negative equity dilemma?

Neil, yes I went to my mortgage provider adviser. I thought it is a bit strange that I have been given this advise.
Howard. I do have a bit of equity to release from my other property, not much but enough to cover the negative equity.
As I have obtained a concert to let for two years I let the flat out abpnd bought a new residential property. I have been told that since I haven't sold the house two years ago when I bought my new one which my main residence now. I need to pay a capital gain. I find that unbelievable as I only delayed the sell as I was hoping that in two years the price will go out. I originally purchased the property in 2002 for the value of £56000. In 2007 and remortgaged borrowed more money. So my mortgages went from £53000 to £110000. I have been told that if I sell the house now for 110000 I have to pay a capital gain on the difference. I lived all these years in the property and it was my main residence. so I can't understand why it has pay capital tax. I haven't gained anything. I only defered the sale so I can recover the loss as the flat how worth £85k if I even managed to sell it. And I will be selling at a lots. So if I decide to look for buy to let mortgage hopefully I can get one for for 75% of the current market value of £85k I can't declare the £25 pounds as a capital loss, so with the buy the let mortgage in ten years if I sell the house for 110 I had to pay capital gain on £25k. Is that correct because it doesn't make sense to me. Thank you for your advices. At the moment I want to just cry. I don't know how to get out of this situation
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