if you sell the house, yes, you will need to declare the money you get. if you are selling your primary residence to later buy another primary residence, any interest earned in the first 12 months will be ignored. if you're selling an investment property, the money in the bank will be deemed to be earning income, and it will impact your payment. when you buy again, you show evidence of where the money went, and it is removed as an asset.
as to the forms, ring and ask what information is already on the system in regard to your investment property. you may find the details are there but because there is no rates notice, it won't be properly valued. you will need to provide a current mortgage statement showing the interest rate you're paying on that, contracts with the RE showing rental income etc. i had one of these calls the other day and this is what the local office required from the customer. she COULD fill in the mod R again, or just provide that information/evidence direct to the office
as to whether to not bother - i wouldn't. there are reviews set up for return of information. if you don't return it, your payments will be suspended. you won't be able to reconnect the payment until the information is provided. irrespective of your intent to sell and buy again, the new property means nothing NOW - it's the current information that is required for your payments now
i don't get involved in that stuff - i would suggest maybe asking if it's possible to have a callback from a complex assessment officer at your local office so they can talk to you about your situation. with the properties all over the place, it's going to be a bit too messy for the average consultant, and the last thing you need is another screw up/delay or an overpayment because of the messiness of the situation
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