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Yes, only 1 can be your main residence at the one time. But it is possible to treat the former one as the main residence while absent for up to 6 years.

Many downsides - you lose legal control - him mortgaging it further without your knowledge - him going bankrupt - you dying and succession issues - new spouse etc - stamp duty - land tax - income tax - CGT Many of these issues will arise anyway, but with perhaps different consequences.

The first thing you should do is to work out all the costs associated with selling. And then costs saved by paying off non deductible debt. Then work out the costs associated with buying another property. See how long it will take to recoup the costs incurred with the savings. You...