Question on understanding tax implications
Me and My Partner jointly own
2 BTLS and our Own Residential property
One of the original btl (our 2 bed flat) was originally purchased by myself and we both used to live there before letting it out.
Flat purchase year 2007 Leasehold
Own house purchase 2013 Freehold
New BTL house purchase 2016 Freehold
We want to ideally leave London and dispose of the flat to buy a new place to live in. While converting our existing residential into a BTL and let out. What considerations do we need to take, to keep this new purchase SDLT lowest.
Do we need to live in our flat for 6 months before disposing ? Reason for disposing the flat is because of service charges, long term yield and growth isn't meeting expectations. While the the houses are performing much better on all fronts. Any help and advise much appreciated
Joni
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