Don't understand if CGT payable on 2nd property

needahol

I wonder if someone can help with what I hope is a relatively simple query, I have trawled the net including HMRC but still not 100% sure.

Currently have a property that I have lived in for 3 years, another property that I wanted just before moving in has come up for sale at a knock-down price and I anticipate it will be snapped up quickly

I am considering offering on the property without selling current house, with a view to renting current house out instead as this will put me in a no chain position and allow me to move at the seller's convenience (both things which I hope will convince seller I'm in better position than others who may also offer)

I'm confident I can rent current house out quickly and amount I get will more than cover mortgage.

I have spoken to lender and getting funds for new property will involve some equity release from current property (equity currently in property is £100k+) but can be done.

My main question though is, as it is not my intention to be a landlord for a prolonged length of time, will Capital gains tax be payable on the sale of what is my current property if at the time of sale I have 2 properties? I would intend to sell within a couple of years at most. I keep seeing info that talks about a 3 year exemption but some of the info I'm reading is old and I'm not sure if it's still relevant.

Any help would be appreciated - I am intending on speaking to an accountant but won't be able to do so until towards the end of the week and, if I am going to offer, I'd probably want to do so within next couple of days