I own one BTL property and have done for 13 years.
I have lived in rented accommodation in London the entire time I have owned the property.
I would like to relocate to Devon for a year/18 months while I’m still able to work from home - I would be giving up my rented London property.
Property prices vs. rent are comparatively low in the area I am moving to so it makes financial sense for me to purchase a property there rather than rent, even with the associated purchase costs/stamp duty.
I would be looking to move back to London at some point in the next couple of years at which point I would like to purchase a home in London to live in.
My question is, if I was to sell the Devon property at the time of purchasing the London property, would I be exempt from paying the 3% surcharge, as I would be disposing of one main residence to move to another? Devon would genuinely be my main residence, I would be on the electoral roll, all utilities, council tax etc. registered there.
I believe I would exempt be but I am concerned I may be missing something and be hit with a huge, unexpected bill at completion in the future.
Many thanks in advance.
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