We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
House Swopping , is it possiable?
TheHardWay
Posts: 15 Forumite
Hi all, :wave:
My question is this,
My family has out grown our house, I have two boys and a girl in a two bedroom house. Its not such a problem at the moment as there all young, but I like to think ahead. Also moving house isn't a option for me, due to negative equity.
Before I put my overalls on and start putting up walls and thinking loft bedrooms, I was given a offer by the mother in law.
There kids have all moved on and they are left rattling around in a three bedroom house, so is it possible to "swap" houses??
There house would be better for us i.e bigger, and ours would be better for them i.e cheaper on heating bills, less upkeep etc.
There house is worth more than ours and they owe more than we do, so I cannot see buying each others working.
So how would it work?
Would we have to "rent" off each other?
Or is it a dead end?
Your thoughts would be appreciated.
My question is this,
My family has out grown our house, I have two boys and a girl in a two bedroom house. Its not such a problem at the moment as there all young, but I like to think ahead. Also moving house isn't a option for me, due to negative equity.
Before I put my overalls on and start putting up walls and thinking loft bedrooms, I was given a offer by the mother in law.
There kids have all moved on and they are left rattling around in a three bedroom house, so is it possible to "swap" houses??
There house would be better for us i.e bigger, and ours would be better for them i.e cheaper on heating bills, less upkeep etc.
There house is worth more than ours and they owe more than we do, so I cannot see buying each others working.
So how would it work?
Would we have to "rent" off each other?
Or is it a dead end?
Your thoughts would be appreciated.
Sealed Pot Challenge #1801
0
Comments
-
Not rent, no. You would both have to "remortgage" Do you earn enough to get a loan for the other house? and vise versa.0
-
To be tell the truth ive not looked into as deep as that, i was more hoping there would be a easier way to live in each others homes without owning them.Sealed Pot Challenge #18010
-
Mmmmm, interesting one.
If you don't want to buy each other's houses then I don't see why you couldn't rent from each other.
However, it could be complicated - setting the correct rents - would your m-i-l's house be affordable? Remember you would still be paying your own mortgage. And vice versa. I suppose if the rents from your houses matched each of the mortgages then it would be OK.
What about paying tax on the rental incomes? What about Capital Gains Tax if either ever sold? Who would be responsible for repairs? What would happen if m-i-l had to go into a care home?
So, not impossible, I would say, but extremely complicated. You would probably need a good solicitor to make sure you had everything legally sorted.0 -
Just out of interest.
What if the two houses were mortgage free?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards