K
klouise
New Member
Hi,
I have completed 3 house sales to date where i have bought run down properties, done them up then sold them on for a profit. I have always lived in the properties for at least 18 months in the past so never had to pay capital gain tax. What i intend to do in the near future is move in with my partner who already owns his home and use the equity i have in my current house to buy and sell houses (one by one),id like to complete 2-3 per year depending on the amount of work required and how fast they sell. I do not have any other properties therefore it wont be my second home but i was hoping someone could please advise me what charges id have to pay if i was to do this, such as capital gains tax? and do i have to set myself up as a business? i have also read that a lot of mortgage company's wont lend to people if the house they are buying has been owned for less than 12 moths by the previous buyer which would mean i could only accept offers from cash buyers when i come to selling. Is this correct? Any advise would be appreciated. Thanks
I have completed 3 house sales to date where i have bought run down properties, done them up then sold them on for a profit. I have always lived in the properties for at least 18 months in the past so never had to pay capital gain tax. What i intend to do in the near future is move in with my partner who already owns his home and use the equity i have in my current house to buy and sell houses (one by one),id like to complete 2-3 per year depending on the amount of work required and how fast they sell. I do not have any other properties therefore it wont be my second home but i was hoping someone could please advise me what charges id have to pay if i was to do this, such as capital gains tax? and do i have to set myself up as a business? i have also read that a lot of mortgage company's wont lend to people if the house they are buying has been owned for less than 12 moths by the previous buyer which would mean i could only accept offers from cash buyers when i come to selling. Is this correct? Any advise would be appreciated. Thanks