I bought my flat in 2003 for 133k an interest only mortgage,
2006 I moved out ( bought family home, marriage, baby ......then boom divorce)
property rented out - most of the time from since 2006 ( 6 months or so its been empty) to Septermber 2017.
Last year I had to take a secure loan/ charge of 45k against my rental property to ease some debt.I still have 50k debt left.
I know I sound like an idiot but I didnt know the complexity of CGT and i thought it would be a case of sell rental home, pay off the mortgages ( 133k + 45) and then give the tax man % of the money left over ....I then pay off my other debt and start again.
NOw im worried there isnt enough in the pot to sell and start a fresh im petrified that i will lose my main home for my son and i because of the rental making a loss and getting trashed all the time and my cards debt is mounting up.
I realistically think i can sell the place for 280 or 290k I just want to know what i HAVE to sell it for to get everything paid off.
Please can someone help me with calculating the CGT . I struggle enough with the yearly tax return never mind this !!!
i did put a new kitchen in the rental and a dampcourse for approx 20k.
Thank you...........
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