House swapping

Noctu

Hi guys,

We've arranged to swap houses with someone down the road from us, through the same estate agents.

I was wondering if there's anything in this situation I should be aware of compared to a 'normal' house sale?

Also considering there's no chain really, how long are we looking at for completion, assuming our solicitors don't drag their feet too much?

Thanks! (just got the offer through and have accepted, I'm ecstatic!)

Jennifer_Jane

I can't really help, except I would ensure that I got a good independent survey and valuation on both houses, so that the exchange selling prices are at market value.

Jen
x

Noctu

Jennifer_Jane wrote: »

I can't really help, except I would ensure that I got a good independent survey and valuation on both houses, so that the exchange selling prices are at market value.

Jen
x

Thanks Jen, sorry to be dense but why would you recommend an independent survey?

Never bought a house before (this is a joint purchase with OH who bought his own house).

budget_counsellor_shaz

Congratulations, its always exciting when you agree on your house sale.

I did this back in the early 90's though not through an estate agent. We saw an advert in the paper viewed each others house and we paid extra as one house was larger than the other.

It works the same as a normal sale, you just deal with less money. We still needed a mortgage, surveyor and solicitor.

Completion should be quicker. It will depend on how quick the solicitors are able to complete.

Shaz

Jennifer_Jane

I meant that I wouldn't rely on an estate agent's valuation. Budget_counsellor_shaz has replied in the same vein. Just so that you are not taking on a house which may have been overvalued in some way that perhaps isn't apparent, eg subsidence, or other damage. In other words, it must be tempting to be pleased that it's working out to everyone's satisfaction, but it's still a huge financial undertaking too. I would always have a survey done on any house I bought, but I realise some people don't.