Additional property

[StampDog1234]

My in laws have lived in their current family for the last 20 years. They paid £200k for it. It is now up for sale for £400k+.

Another house came up for same locally in a very nice atea and they want to buy it as they rarely come up, they were are in a position to do so.

They have not yet sold the current home but subject to some remedial work they would like to move into the new property this year before the current house likely sells,

If it doesn’t sell they may rent it / airbnb it

They want to elect the current home with the £200k gain as their main home to avoid CGT

Any issues ?

[AGoodman]

CGT: They probably don't want to elect because (a) it will probably not be their home (even second home) once they move out so an election would be invalid and (b) you get the last 9 months free anyway

SDLT: they will have to pay the higher rate on the new property and then reclaim it if they sell the first within 3 years.