My Wife(66) and I(69) have two jointly owned properties. 'Property1'(375k), a self-build project, has been our only residence for 34 years. 'Property2'(450k) was also constructed on a self-build basis in our garden and is approaching completion with the intention of selling 'Property1' and moving into 'Property2'.
'Property1' has been on the market for about six months and has not yet sold.
We intend to stay in 'Property2' for least the necessary period to avoid CGT which we believe is twelve months (Please Advise).
Would we be right in thinking that it is possible to move into 'Property2' for a time whilst still maintaining ownership of 'Property1', then moving back into 'Property1' as our main residence in order to sell 'Property2' with no tax implications?
Many Thanks in advance.
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