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House swap/sale

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Comments

  • Guest101
    Guest101 Posts: 15,764 Forumite
    NEM1SES wrote: »
    Ok. Thank's for the replys

    So get them valued.
    Apply for mortgage and the solicitor the mortgage provider chooses will sort everything?

    No u need ur own solicitor. But it may be from their approved board.

    U pay some legal costs when applying for mortgage.
  • Gwendolyn
    Gwendolyn Posts: 76 Forumite
    Will the properties be of approximately equal value? If not then one party could be deemed to be transferring value to another and this may have inheritance tax implications in the future and if either property has land or outbuildings etc - then there could be capital gains tax implications. Hopefully none of the above would be a concern but I have seen this happen when a friend swapped houses with her parents house with 20 acres, land and additional buildings!
  • TBagpuss
    TBagpuss Posts: 11,237 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You need your own solicitor. I would recommend picking one yourself rather than relying on the one that the mortgage lender suggests. Find a local solicitor who comes recommended by friends or family.
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
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