ChatterBank1 min ago
House swap?
4 Answers
What would the legal implications/requirements be if a house-owner was lucky enough to find another who was willing to swap houses with them??
Would a Solicitor alone be able to sort it out? I'd be over the moon if I could pi$$ our estate agent off!
We're upsizing, and may have found the ideal house, owned by people who are downsizing, and interested in ours. Obviously we'd need to pay them the difference, but how would it be possible, if at all?
Thanks, clever legal eagles...xx
Would a Solicitor alone be able to sort it out? I'd be over the moon if I could pi$$ our estate agent off!
We're upsizing, and may have found the ideal house, owned by people who are downsizing, and interested in ours. Obviously we'd need to pay them the difference, but how would it be possible, if at all?
Thanks, clever legal eagles...xx
Answers
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This is perfectly possible as long as the people who will be taking your house did not view it as an introduction from your estate agent. Make sure you use different solicitors as it is important that you both get independent advice. Also I believe that Stamp Duty is only paid on the difference between the two prices by the person taking the more expensive property but your solicitor can advise on this point.
Thanks!
We've definitely done this without estate agents - that's the beauty of it all! We don't have the hassle of any kind of chain, and no fees to pay to any third party (apart from our respective solicitors.)
On another Q a while back, I saw some advice given to an aber in a similar(ish) situation:- maybe to agree to reduce the two house prices by a certain percentage, so as to reduce any stamp duty payable. I'd like to know whether that would be possible too. It sounds like it ought to be, in the current market and with prices dropping like crazy, without it looking fishy!!
We've definitely done this without estate agents - that's the beauty of it all! We don't have the hassle of any kind of chain, and no fees to pay to any third party (apart from our respective solicitors.)
On another Q a while back, I saw some advice given to an aber in a similar(ish) situation:- maybe to agree to reduce the two house prices by a certain percentage, so as to reduce any stamp duty payable. I'd like to know whether that would be possible too. It sounds like it ought to be, in the current market and with prices dropping like crazy, without it looking fishy!!
anniebird has already given a response which deals with the question about reducing/avoiding stamp duty. This used to be common with house swaps but I wouldn't be surprised if there was some anto avoidance rules in place noe- ask a solicitor.
You say there was no estate agent involved- but you also said "I'd be over the moon if I could pi$$ our estate agent off! ". So did you have an estate agent? If you were signed up with one and there was a sale the estate agent will probably expect their fee. even though the introduction came via a different route
You say there was no estate agent involved- but you also said "I'd be over the moon if I could pi$$ our estate agent off! ". So did you have an estate agent? If you were signed up with one and there was a sale the estate agent will probably expect their fee. even though the introduction came via a different route
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