Owning your own home

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Howard in reply to @princeperch
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.

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NickCJ in reply to @Howard

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.

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Hovis in reply to @NickCJ

Yep that's correct.
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Howard in reply to @NickCJ

It's a muddle, yes, but that's the case.

Doesn't change that much, I still want shot of the BTL.

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