Question on CGT

[alantran.co.uk]

Hi

I need clarity on my potential CGT liablity, but this is not straightforward, I'll try my best to outline the sencario:

Oct 2001: I bought house#1 on a Right to Buy for £17k in joint names with my partner.
Oct 2004: I transfered house#1 title deed to my name as sole owner, whilst at the same time I took out a mortgage in my name, for which I pay for. The mortgage suveryor at that time valued the property at £150k. During this time, I also moved out of home, renting elsewhere. My partner has been living at house#1 by herself since.
June 2008: I bought house#2 to live in as residence.
Feb 2010: I am now thinking of selling the house#1 for £120k.

Throughout this I have never let out house#1, but paid the mortgage for it.
For argument sake, lets say the legal fees and agency fee will be £500 and £2500, respectively. My questions are as follows:
1. I am a high rate tax payer and unsure of my potential CGT liability on house#1, if i was to sell for £120k, what is the CGT computation?
2. I have yet to make a declaration on my principle residence, can I use "flipping" as a way to reduce my CGT? If so, how does this work and how do I do this?
3. How do I make a principle residence declaration?

[Telometer]

You're not married or in a civil partnership? please confirm.

You say that you and your partner are living apart? The relationship has broken down?

Do you, in any sense, live in house 1? Your partner lives in the country and you live & work in London but go down there at weekends?

[alantran.co.uk]

I've used the wrong word. I didn't mean "partner", it was bought in joint names with my mum.
Any advice to reduce CGT is appreciated.

[mind the gap]

I've used the wrong word. I didn't mean "partner", it was bought in joint names with my mum.
Any advice to reduce CGT is appreciated.

alantran : I'm sorry, but you are still trying to use LLZ as a free advertsing platform. Please delete your signature strip, as the combination of that and your username is patently breaching the site's rules on advertising.

As advised previously - if you wish to pay to advertise on LLZ, please contact the Editor for applicable rates.

Spam/ad reported (again).