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2nd property buying to do up and sell

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  • 2nd property buying to do up and sell

    Hi Everyone
    Me and my partner are in the process of buying a 2nd property. We were originally going to buy and let but there is a profit to be made so decided to try and sell on and try our hand in property development. As I am new to this can someone please advise, as it is classed as a 2nd income which we will pay tax on the profit can we claim any tax back for a new boiler, kitchen and carpets, buying / selling fees ? Not sure how this works ?

    Also does anyone have any advice for me ? Don't know of any developers to ask.

    Thanks in advance

  • #2
    Re: 2nd property buying to do up and sell

    Hi, in terms of what can be expensed, you will need a tax advisor or accountant to help. From mortgage point of view, most lenders ask that the seller of a property had owned it for at least 6-12 months before selling it, so if you are within this period, your buyer will be limited in their lender choice. On another note, dependent on the mortgage deal you have, you may have early repayment charges to pay when settling the mortgage.
    I am a Mortgage Advisor
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