We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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.
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 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!
swapping houses
Options
atrammo
Posts: 4 Newbie
hi, my father lives on his own in a large house and i live with my family in a smaller house, we are thinking of swapping properties.
they have been valued and are about the same (£150k), so would be a straight swap and as such, if we were just swapping would we be liable for stamp duty or any other fees?
i would like to think it would be pretty simple and just a form to notify the land registry but i have no doubt that the taxman will want a cut.
neither of us has a mortgage so there are no mortgage companies to deal with,
does anyone have any info or thoughts on this?
they have been valued and are about the same (£150k), so would be a straight swap and as such, if we were just swapping would we be liable for stamp duty or any other fees?
i would like to think it would be pretty simple and just a form to notify the land registry but i have no doubt that the taxman will want a cut.
neither of us has a mortgage so there are no mortgage companies to deal with,
does anyone have any info or thoughts on this?
0
Comments
-
you would have to pay stamp duty and you would have legal fees to register the ownership with land registry.
AFAIK, there is nothing to stop you living in each others houses.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
he is retiring soon and was hoping to have it legally sorted before then.
do you think it something anyone could do? or would a solicitor need to be involved?0 -
There are a number of issues involved here.
Inheritance tax, stamp duty and the legal upheval of it all are to name but a few.
I am not wishing to insult your intelligence or capabilities in any way but I personally would get a solicitor involved even if to make sure that all the finer points were capped off correctly. Could be a small price to pay fore ensuring it is all above board and correct.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards