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JGM, Solicitor
Category: Law
Satisfied Customers: 12076
Experience:  30 years as a practising solicitor.
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We are an unmarried couple selling a property that is a second

Customer Question

We are an unmarried couple selling a property that is a second home to buy another second home. The home to be sold is my sole name. Another property in another city is in both names and is at present identified as the main home. I understand that we each can nominate a different home thereby avoiding capital gains tax on this sale. How do I go about transferring my name to the second home? Is there an amount of time we would then have to wait before selling it?
Submitted: 3 years ago.
Category: Law
Expert:  JGM replied 3 years ago.
Thank you for your question.
It's not as complicated as that. You can just nominate that the second home is your main residence. However, you do have to make the election within two years of having more than one residence.
So if you have had two houses for more than two years, you would actually have to make the one you want to sell your residence before selling it.
Please leave a positive response so that I am credited for my time.
Customer: replied 3 years ago.

Sorry I'm just finding that a bit contradictory. You said make the nomination within 2 years of having more than one residence but then said I can just go ahead if I have had 2 houses for more than (not less than) 2 years. We have had them both for more than 2 years. So which is it and what would qualify the one I want to sell as my main residence? I just need you to clarify please.

Customer: replied 3 years ago.

I have not received clarification as requested - I still don't understand your reply - it seems that one sentence contradicts the other

Customer: replied 3 years ago.
Relist: Answer quality.
the answer was contradictory - it said a second home can be reassigned as main home both within 2 years of getting two homes and after 2 years
Expert:  JGM replied 3 years ago.
Sorry, the answer wasn't contradictory.
Within two years of owning two properties you can nominate one of those as your main residence even if you don't live there.
Outwith two years it actually has to be your residence otherwise you will be paying CGT.
That's why I gave you the HMRC link.
Customer: replied 3 years ago.

sorry you have replied - thanks - I missed it overnight

Expert:  JGM replied 3 years ago.