P
PencilPot
New Member
Hi,
I’m wondering if anyone can help me with some knowledge.
I purchased my home in 2008 and have lived there since then. I got married in in 2018
Me and my wife built a house nearby (35/40 minutes further away),The build was started pre-COVID-19 and obviously had a few delays due to this. We managed to move in, early November 2020.
We lived there for 14 months but decided to move back closer home to assist with childcare. We had another baby boy, and my parents live close to our original home. Dashing round the corner was no longer an option
We moved out in Jan 2022 and moved back to the original home. The original home was planned to be sold when we moved out, but we were recommended to tidy it up redecorate it a bit to obtain the best sale price.
We are now back in this original home and happy for now, the oldest has now been accepted into a local nursery.
I wondered what would the stance be regarding PPR and I believe I would have to elect this within 2 years of moving in I believe?
If election is not made will I lose the PPR on the new property? Any advice on what I need to do would be appreciated.
If the above is registered as the PPR for the time we lived there, I believe it would be CGT exempt, if we look to sell it. Which I think we may well look to do
Thanks in advance for your help, let me know if you need any more clarification
I’m wondering if anyone can help me with some knowledge.
I purchased my home in 2008 and have lived there since then. I got married in in 2018
Me and my wife built a house nearby (35/40 minutes further away),The build was started pre-COVID-19 and obviously had a few delays due to this. We managed to move in, early November 2020.
We lived there for 14 months but decided to move back closer home to assist with childcare. We had another baby boy, and my parents live close to our original home. Dashing round the corner was no longer an option
We moved out in Jan 2022 and moved back to the original home. The original home was planned to be sold when we moved out, but we were recommended to tidy it up redecorate it a bit to obtain the best sale price.
We are now back in this original home and happy for now, the oldest has now been accepted into a local nursery.
I wondered what would the stance be regarding PPR and I believe I would have to elect this within 2 years of moving in I believe?
If election is not made will I lose the PPR on the new property? Any advice on what I need to do would be appreciated.
If the above is registered as the PPR for the time we lived there, I believe it would be CGT exempt, if we look to sell it. Which I think we may well look to do
Thanks in advance for your help, let me know if you need any more clarification
