18:29 PM, 11th October 2016, About 5 years ago 4
I have owned a house for 24 years. For the last 10 years I have been renting it out and living in my long term partner’s home. We have decided to get married for reasons of next of kin responsibilities, inheritance, and transfer of pensions in the event of one of us dying.
If I sell it after getting married will I still be entitled to capital gains tax relief for the period (14 years) that I lived in it as my sole home or will I lose this and it be considered a second home/rental property for the whole of my ownership and therefore subject to CGT for the full gain?
I am having to sell the house in the next few years to redeem my mortgage because I will have reached my mortgage providers upper age limit (65 years). Is there a mortgage provider prepared to lend to an older person with only a small pension as income. The rent is 5 times the mortgage payment and is my main income. I have an interest only BTL mortgage for about one third of the property’s value (£450,000).
If anyone knows of a way around my not having to sell I would be very appreciative to hear about it.
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