Capital gains on residential house brought in 1974 and only rented out since 2009

[JSAVAGE]

I brought a house for £11000 in 1974 where i lived as a family home until 2009. I had repaid my mortgage in 2007. At the end of 2008 i took out a new mortgage on this house (it was valued at £250000 and i took out £180000 as a mortgage on this property to buy another smaller property to live in. I have let the original property since march 2009, i am looking at selling this in 2012 can anyone tell me the capital gains tax implications given i lived there for 25 ish years before renting it? Would i be better off moving back there for a short while before selling?also will the valuation in 2008 have any bearing as i mortgaged the property then?

[Telometer]

If you sell within 3 years of moving out then the sale is CGT free anyway.

If you take slightly longer than 3 years you should still be OK (assuming it is rented largely constantly from the point you move out) for another few years owing to the availabity of lettings relief. (If we assume no further increase in values, then the additional period is about 5 years.)

WHATEVER HAPPENS if you are married, and the property was NOT in joint ownership when you lived there, then do not sell the property whilst jointly owned.