We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying another house before selling current one.
Options
Comments
-
@Whatdoiknow - we were in a similar situation, just weren't going to move into house 2 until the floors / decorating had been done and we had sold house 1 (so we could have some furniture
) - we said "yes" to the question, sold house 1 and got the 3% within a couple of weeks of claiming 1 -
Scotbot said:
Not sure were you get that idea from, the posters don't say which house they would be living in. It's common to live in the original property whilst renovating the new oneSlithery said:
Correct. But in both yours and the OP's case this isn't what has happened, the property hasn't been your main residence for the entirety of the time you've owned it so the CGT calculation needs to be done.rhino_horn said:
Not quite true....providing you have lived it full time the whole time you have owned it... no CGT to pay.Slithery said:
This may be true in your case but it isn't a general rule. CGT always needs to be calculated it's just if the amount due is less than your yearly allowance there will be nothing to pay.rhino_horn said:No CGT to payScotbot said:
Not sure were you get that idea from, the posters don't say which house they would be living in. It's common to live in the original property whilst renovating the new oneSlithery said:
Correct. But in both yours and the OP's case this isn't what has happened, the property hasn't been your main residence for the entirety of the time you've owned it so the CGT calculation needs to be done.rhino_horn said:
Not quite true....providing you have lived it full time the whole time you have owned it... no CGT to pay.Slithery said:
This may be true in your case but it isn't a general rule. CGT always needs to be calculated it's just if the amount due is less than your yearly allowance there will be nothing to pay.rhino_horn said:No CGT to payAlthough in this case there's no mention of renovation, so the OP could also be planning to move straight into house 2.I believe CGT rules allow a nine months 'grace' period immediately prior to selling a PPR whether you were living in it or not, which I suspect was probably put in to cover these sorts of scenarios where there is a relatively brief overlap when moving from one PPR to the next0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards