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As it happens the properties I am talking about I have owned for many years as rentals. Does this make a difference?
My problem is the properties are highly geared due to re-mortgaging over the years so have high mortgages on them compared to what I bought them for.
I am in a catch 22 situation as I was made bankrupt a few years ago but retained the properties through friends and family donations which I need to pay back by selling the properties. Unfortunately I didn't realise I was still liable for CGT.
Therefore if I bought the property for 100, mortgage is 200 and I sell for 225 there is no profit, and hence why I was thinking if I split them and then sell one I could take away some money to pay friends and family.
So it sounds like the best way is to split and then keep for a year or two and rent out, and then sell?
once you reply I have another question based on my situation but I will open up another question line