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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3495
Experience:  Solicitors 2 years plus PQE
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I want to sell my house. it is the only one i own. i bought

Customer Question

i want to sell my house.
it is the only one i own.
i bought it in 2005, moved out of it in 2008 leaving my elderly father residing in it.
he has never paid any rent.
i have lived with my boyfriend.
roughly how much cap gains will i have to pay,
original purchase was 189k, i re mortgaged in about 2006 so current debt ( interest only mortgage is 289k with a value of 700k.
Submitted: 3 months ago.
Category: Law
Customer: replied 3 months ago.
i had also lived in it before that since 1976 but i only purchased it in 2005
if nobody can answer today can i get a refund and try somewhere else?
Expert:  Nicola-mod replied 3 months ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Expert:  Nicola-mod replied 3 months ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 3 months ago.
no just find an answer please
Expert:  Nicola-mod replied 3 months ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Alex J. replied 3 months ago.

Hi thank you for your question and welcome. My name is ***** ***** I will assist you. Was it ever your intention to go back to the house? Are the house utilities still in your name? Kind regards AJ

Customer: replied 3 months ago.
all utilities in my name, i do not think the council tax is though
Customer: replied 3 months ago.
i dont really want to go back there but would if it saved a pile of tax
Expert:  Alex J. replied 3 months ago.

Hi, Thank you. The issue you have is if you want to save on capital gains tax then you will want to rely of the principle primary residence exemption. https://www.gov.uk/tax-sell-home - this is an automatic exemption - if you claim it, it will be up to HMRC to challenge this. The fact that you have not rented it, you have just not lived there gives you some grounds to claim it is your property and primary residence. Given that you have lived away from the property for such a long, I would recommend living there for a period and paying the council and declaring it as your home before selling it and trying to claim this exemption. If you claimed the exemption otherwise and the HMRC challenge it, you will have to prove that you lived there as you residence and this may be difficult if you have been away for such a long time. Do you know how much the property was worth when you moved out in 2008?

Customer: replied 3 months ago.
it was probably worth 580ish in 2008
i also have rented a part of the upstairs for the last two years.
do i get no saving for housing a dependent?
Expert:  Alex J. replied 3 months ago.

Hi thank you. There is no capital gains tax exemption for housing a dependable it all depends on whether you can prove that you used it as your home. From the sounds things if you claimed the exemption you pay have to pay CGT on the gain from when you moved out - less your personal allowance. Do you have any proof of the 2008 valuation? Kind regards AJ

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