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Nominating Main Residence when owning two properties.

skillboy
skillboy Posts: 106 Forumite
in House buying, renting & selling
Hi

I currently own one house which I have lived in all my life (let's call it property 1) and is therefore nominated as my main residence (for Private Residence Relief purposes).

I am going to buy a second property which I plan to live in (it is a retirement flat). Let's call this property 2.

Once I have moved to property 2 I plan to let out property 1.

Can I continue to nominate property 1 as my main residence?

Any feedback much appreciated.

Comments

  • paddyandstumpy
    paddyandstumpy Posts: 1,486 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Why would you, when it's not?
  • Kynthia
    Kynthia Posts: 5,692 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 12 December 2018 at 9:28AM
    You can't nominate a residence as your main one if you aren't able to live in it. As one will be let the other must be your only residence.

    The only time you can have a let property as your main residence is if you are living in work related accomodati, so there was no other property you owned that could have been your main residence.
    Don't listen to me, I'm no expert!
  • silvercar
    silvercar Posts: 49,957 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    You can't if you are letting it out. If it was a bolt hole for you then you could.

    Under current tax rules it actually makes sense to have some time as PPR on each property.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    skillboy wrote: »
    Hi

    I currently own one house which I have lived in all my life (let's call it property 1) and is therefore nominated as my main residence (for Private Residence Relief purposes).

    I am going to buy a second property which I plan to live in (it is a retirement flat). Let's call this property 2.

    Once I have moved to property 2 I plan to let out property 1.

    Can I continue to nominate property 1 as my main residence?

    Any feedback much appreciated.


    What happened to your other property? https://forums.moneysavingexpert.com/discussion/5616627
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Can your primary residence be a property that you don't live in, and which you rent to somebody else to live in, so have no legal right to even enter without explicit permission?

    Is that really what you're asking?
  • skillboy
    skillboy Posts: 106 Forumite
    AdrianC wrote: »
    Can your primary residence be a property that you don't live in, and which you rent to somebody else to live in, so have no legal right to even enter without explicit permission?

    Is that really what you're asking?

    Yes, correct.
  • skillboy
    skillboy Posts: 106 Forumite
    It seems obvious but always best to double check ....
  • theartfullodger
    theartfullodger Posts: 15,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Many consider tax-fiddling unpatriotic.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    theartfullodger wrote: »
    Many consider tax-fiddling unpatriotic.

    Not the house flipping MPs though.
  • theartfullodger
    theartfullodger Posts: 15,779 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    pixie5740 wrote: »
    not the house flipping mps though.
    +1...................................
This discussion has been closed.
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