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House swap help.
cookie78
Posts: 45 Forumite
Hi, i am looking opinions and advice here if this is possible and any complications etc: My partner and I own a nice apartment but as we now have a 2 year old we would like a bigger home so had estate agents out and were planning on putting on market on Monday. I mentioned this to my mum/dad today and they seem keen to swap with us and they have a semi in an area we like too. The thought would be for them to sign the house over to me/or us and then they move into our apartment in which we would continue to pay the mortgage as it is for them to live in. This would mean :
Our apartment would be in our name with a mortgage paid by us but lived in by my parents.
Their house would be in our name and lived in by us, signed over with no cost and no mortgage.
I know this benefits us a LOT more than them and was not my idea but they seemed very keen on it so I was wondering about legalities etc. Thoughts please and thanks in advance.
Our apartment would be in our name with a mortgage paid by us but lived in by my parents.
Their house would be in our name and lived in by us, signed over with no cost and no mortgage.
I know this benefits us a LOT more than them and was not my idea but they seemed very keen on it so I was wondering about legalities etc. Thoughts please and thanks in advance.
0
Comments
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It would seem that you would own two properties and they own none.
If you died or divorced they could lose their home.
it would be better for you to buy their home (at a low price if they wished) with a mortgage and you sold them your home.
a certain amount of paprt work and legal stuff but keeps things simple and strightforward.
a littl0 -
Perhaps give them a 36 month tenancy, @£1 a month, just so they have security too.
Assuming you have consent to let, sorry just saw u still had a mortgage on it0
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