Fees for house swap?

Bigtonyi

My wife and I own our house outright.
Our daughter and husband have a house round the corner and are paying a mortgage.
The houses are similar value, ours probably worth £10,000 more max.

My wife and I are considering swapping houses - daughter could do with the extra space for her growing family.

The outcome we would like is:
A) we own their house outright
they transfer their mortgage to our house without increase
C) we have a legal agreement so that when wife and I are dead, and our (new) house is sold, the proceeds would be divided between our daughter and our son, with son getting 50% of the value of our original house.

My question is, does anyone have any idea how much this would cost in fees?
It's in Scotland if that matters.

Thanks for any help

Tony

Surrey_EA

You will have solicitors fees to pay. Your daughter and son-in-law will probably need to pay fees to their mortgage lender, a valuation and possibly an arrangement fee too.

You will also pay stamp duty, assuming the properties are at a price level where stamp duty is payable. I believe that the fact that two properties are being swapped changes nothing from a stamp duty point of view.

How much is due in fees will be largely down to the value of the properties concerned.

eddddy

Bigtonyi wrote: »

It's in Scotland if that matters.

Surrey_EA wrote: »

You will also pay stamp duty, assuming the properties are at a price level where stamp duty is payable. I believe that the fact that two properties are being swapped changes nothing from a stamp duty point of view.

No stamp duty in Scotland - something called LBTT instead, I believe.

As Surrey_EA says, in England/Wales you would have to each pay stamp duty on the full value of each property. Maybe it's the same with LBTT.