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private house swap?
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rabialiones
Posts: 1,962 Forumite
considering house swap and wondering if anyone has done this, and if its easy process
no mortgages on either house, similar values so no money involved
would stamp duty be payable? - both would be only property not second
any pitfalls to consider?
no mortgages on either house, similar values so no money involved
would stamp duty be payable? - both would be only property not second
any pitfalls to consider?
Nice to save.
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Comments
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Similar values so no money involved? Someone is likely pulling wool over the other's eyes.
Put on market for 3 months, get offers, then decide is "swap" still makes sense.1 -
I wouldn’t necessarily put the houses on the market, I would sure you’ve got independent valuations for both and do a survey for both as well.2
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Stamp duty is payable as normal on the consideration ie the value of the property you're giving in exchange for your new one.0
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This makes perfect sense if you can pull the deal off.
My inlaws did it, with other family. They got proper valuations and one paid the other a little bit more, used solicitor's in a similar way to cover legalities. Not sure about Stamp Duty but they would have paid it if that was the rules.0 -
I have done it before, we swapped a 3 bed for. 2 bed in a better location. There was about 40k value between the houses. It proceeded like a normal sale and purchase but was easier to keep in touch and organise the move. Ended up with a bad taste and we left the house immaculate, cleaned and touched up paint work etc and the other party left it in a disgusting state and stripped it bare. Other than that it worked fine.Stamp duty was still payable as it’s still recorded as a sale and purchase.0
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if completed before 30th june , would stamp duty be waived?
or could each party gift property , to avoid stamp duty charges
Nice to save.0 -
As above, normal stamp duty rules apply, based on the consideration. It's not a "gift" any more than it would be if I were "gifting" you £200k cash and you "gifted" me your house in return.rabialiones said:if completed before 30th june , would stamp duty be waived?
or could each party gift property , to avoid stamp duty charges1
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