Capital Gain on 2nd home
Exactly two years ago we decided to rent our house out which we live in for 8 years as we could not sell at the time. We now own another property we have lived in for the last two years which we plan to stay in. My mortgage is due now but I heard you have to sell with 3 years to avoid capital gains tax. My lodger is signed up till May 2013.
If we kept the property and took out another 2 year fixed as I don't want to go on the standard variable rate, would we have to pay capital gains we have about £60,000 equity. Any help would be great