Ask an Property Solicitor. Get an Answer ASAP.
Hello my name is ***** ***** I will help you with this.
In the agreement does it say you are obliged to sell it to THEM please?Alex
Then no, you don't have to sell it to them. If the block is being redeveloped there may be a clause that allows them to do this.
But by law you don't have to sell it to them.
Can I clairfy anything for you about this today please?
If it is your primary home then no - you dont have to pay capital gains tax.
Can I clarify anything for you?Alex
Do you have any other house?
If you had lived in the property you are about to sell for the whole of the time you owned it, there would be no CGT bill because of what HM Revenue & Customs calls “private residence relief” which makes the whole of any gain made on your main home tax-free. (There are, however, exceptions if you had a particularly large garden, used the property for business purposes or sold off part of the property.) The fact that you are renting somewhere to live rather than owning a second home has no bearing on whether you are liable for CGT.Sadly therefore you are liable for the gain and you cant claim this back, even though you are forced to sell it.
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Can I clarify anything for you about this today please?Alex