Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 4 days ago 64
I have one property which I rent out due to the fact I moved in with my partner and initially just wanted the mortgage covered whilst I tested the waters.
I have been renting it out for 5 years now. The rent is £550 and my mortgage payment is £520. My current tenant has indicated she would like to buy my house if I were to sell it.
It is probably worth about £115,000 and I currently owe £60,000 on the mortgage. Not a lot of profit if I was to sell but I am finding it harder and harder to keep paying out for normal maintenance etc as I only earn just under £10,000 self employed.
With the changes ahead would you advise me to keep renting and look at the long term picture or sell now if if I have a buyer?
If I were to sell do I have any taxes etc that I would have to declare/pay?
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