Letting son stay in family home while we move on

[JoMarchesagain]

I’d appreciate you helping me look at this from different perspectives.

DH and I want to move from family home. Two DC both at University so still dependent. DS lives at home. DD in halls.

Looking at moving into smaller place/higher cost, taking out a mortgage and keeping family home for DS to live in until he’s finished Uni (2-3 years). DD will stay with us when she’s home. Once family home sold, we will pay off mortgage.

There will be additional stamp duty to pay on what will be a second home til we sell family home. However doing this will mean we can move gradually into the new place as it needs some modernisation.

Any other implications, pros and cons?

You might have to pay some CGT when you sell the original property; the amount should be relatively small under current rules (unless the value suddenly shoots up), but who knows what the rules will be after the Budget.

I hadn’t considered CGT, thank you.