How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Jeremy Aldermartin Your Own Question
Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Property Law
Satisfied Customers: 12216
Experience:  Dual qualified Solicitor and Attorney
65242892
Type Your Property Law Question Here...
Jeremy Aldermartin is online now

Howl, how are you allowed to move into a new property before

This answer was rated:

Howl
JA: Where is this? It matters because laws vary by location.
Customer: how long are you allowed to move into a new property before incurring cgt
JA: The Lawyer will be able to walk you through that. What steps have been taken so far?
Customer: we bought a propert in Oct 2020 and have been totally renovating it. We are now selling our main home. One sale has fallen through but we now have a new buyer. My husband has read that you are only allowed 9 months to move from the main home to a new home or we will be subject to cgt on our main home sale. Apparently MP’s were flipping homes and the rules were changed
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: We have lived in our present home for 31 years and always believed we would. Not be liable for cgt. Our home is worth approximately 8 times we paid for it. Cgt would be enormous!

No you can nominate your old home that you are selling for a  period of up to 3 years and therefore not pay CGT because it was your main home. You can read more about the exemption here: https://www.gov.uk/tax-sell-home/absence-from-home

The 9 month rule is that you always automatically get a property as treated as your main home for the last 9 months of ownership if you have previously lived in it as your main home for any period. I trust this assists

Jeremy Aldermartin and other Property Law Specialists are ready to help you
Customer: replied 9 days ago.
Thank you for your help. Your answer was fuller than anything we could find online, including HMRC
Happy to help, take care