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why are you looking to bin the btl flat off? if it washes its face, and you get a small yield off it - why not keep it? the entrance and exit costs in the London market are pretty big, you are in the market now, you'll have to wear the tax changes but if someone else is paying off the mortgage then its still a pretty nice way to build up a nest egg for retirement.
I agree with most of this, but
It's a leasehold ground floor flat. So I own two stupid leasehold flats. If I could click my fingers and make it a house or share of freehold I would, but I can't.
it's now stupidly expensive to move in london if you own a second property
The yield is OK, nothing to write home about, and even less so after the tax changes kick in. If the boiler went...gah.
paying the mortgage off is fine but without capital growth - and I don't think there will be much going forward in the medium term - the figures don't stack up compared to carefully invested Pension.
I've let it out for nearly ten years now. I'm kinda done with it.
Howard-
How much is the BTL flat worth?
Would selling it off let you pay off your mortgage or pretty much? I think that's what I'd be aiming for.
I agree that the flaw in your current plan is too much exposure against your own home. If you think this:
what will probably be the lumpiest ride this nation will experience in peace time
Why expose your own place so much?
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I thought that if you were replacing your main home then you didn't pay the additional rate of stamp duty, even if you own two properties both before and after the sale and purchase transactions.
Fox
NickCJ
why are you looking to bin the btl flat off? if it washes its face, and you get a small yield off it - why not keep it? the entrance and exit costs in the London market are pretty big, you are in the market now, you'll have to wear the tax changes but if someone else is paying off the mortgage then its still a pretty nice way to build up a nest egg for retirement.