We are in the process of trying to sell the house DH bought with his ex (bought her out years ago) which is now rented out and has been for a few years. Two questions we have on CGT:
- It is dh's only house (we rent) and it is being sold to fund the purchase of our family home. Does CGT still apply??
- If so, can anyone help us figure out what the figure might be?
He bought it for £69,950 in March 2002 and lived in it until April 2007 when it was rented out through an agent until Jan 2011. Since then, his brother has lived in it as a private tenant (with his friend). It is now valued at around £118,000 (but we're really struggling to sell it thus far).
Is there anything else you'd need to know?
There's about £20k in equity in the property and we're trying to establish whether it's worth actually selling especially for some silly price to a BTL investor or releasing the equity and saving more money for our own deposit.