Hello folks,
Situation in 2016: Owned 1 residential property (13E) with residential mortgage (primary place of residence)
Situation now: Remortgaged above property on a buy-to-let basis freeing up funds for purchase of bigger home (38G) with a residential mortgage. Initially had intentions to put 13E on rent and move into 38G. Since then have seen houses adjacent and opposite being turned to HMO dwellings and well, the are go down hill with air pollution. Property sat empty for a year whilst we deliberate! Have now decided 38E perhaps wasn't the right home (actually, we didn't have a choice considering the runaway market price at the time).
My question is: Which is the property I have no CGT obligations for upon sale? In the past I've heard that if I've lived at any property for more than 2 years, there is no CGT to pay. Heck property price has gone up £100k in a year, it may pay to actually "live" in it for that time to avoid the huge bill in the future.
"Live" - Not put it on rent and pay all bills.
Thanks
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