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House swap
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ratty2608
Posts: 3 Newbie
We are considering a house swap with a friend. He owns 4-bed house, which he rents out (currently empty), and wants to swap for a smaller property. We live in a 3-bed (mortgaged) and would like something bigger. We plan to get both properties valued by the same agent, and we already have an agreement in principle for a larger mortgage.
I assume that the transaction would proceed in the same manner as any other house buying/selling process i.e. a price is agreed, we do the necessary with our mortgage lender, and both sides appoint a conveyancer - with the benefit of no estate agents fees, and potentially a quicker/smoother transaction.
I have found very little (recent) info about house swapping, the process and the legalities.
Does anyone have any personal/legal experience of house swapping? Is there anything we should be aware of?
I assume that the transaction would proceed in the same manner as any other house buying/selling process i.e. a price is agreed, we do the necessary with our mortgage lender, and both sides appoint a conveyancer - with the benefit of no estate agents fees, and potentially a quicker/smoother transaction.
I have found very little (recent) info about house swapping, the process and the legalities.
Does anyone have any personal/legal experience of house swapping? Is there anything we should be aware of?
0
Comments
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As you say, no legal different to any other sale.
You still need Valuations for mortgage. Still pay SDLT. Still advisable to have survey done.
Just a slightly different calculation about who pays who how much on Completion.0
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