House Swap with parents.

noizeuk

I am asking in behalf of my mother.

My mothers partners parents own their house outright, but with age and the size of the house, would like to move to somewhere smaller. They have approached us with the idea of swapping. The house is in their will to be handed down the two sons. This will remain the situation with a deal of sorts with the other son in the meantime.

We currently live in a house which is mortgaged and would happily continue paying in lieu of the swap, however we are not sure if there are any legalities when it comes to swapping houses. Bills and rates etc can be exchanged etc which is pretty easy. What else would we need to consider. My mother is concerned with the legalities of this and any costs we may incur.

What costs are normal or to be expected with this sort of move?

Thanks in advance.

marksoton

What you're suggesting is complicated and probably not achievable.

The mortgage lender being the main stumbling block.

teddysmum

Things could become very difficult should the older people need care financed by the value of the house .


The house is not included in the assets for the first of a couple,as long it remains the residence of the other, but the above mentioned situation could complicate this, as, if they were not in their own house, the latter could become an assessable item.