I'm hoping one of you can help me out here.
I have a client who has just recently sold two properties he has been renting out, one on which is joint ownership with his wife. They have lived in both properties at the start of ownership, property 1 for over two years and property 2 for just over a year. My questions is will/can they both qualify for PPR and letting relief or just letting relief? Sorry but im slightly confused. I will add some details below which will hopefully help,
Property 1: Bought April 2006, lived in for two years, rented out from then until sold in November 2015. Cost £189,950 & Sold £209,995.
Property 2: Bought May 2009, lived in for one year, rented out from then until sold in February 2016. Cost £190,500 & Sold £300,000.
Just to note, whilst vacant from both properties they have been renting a property.