PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Can We Swap Houses?
Options
Boschfan
Posts: 3 Newbie
Hi all,
My query is can my partner and I swap houses? Background is we are not married, had lived in house 1 for 20+ years which is in partners sole name. 6 years ago I bought house 2 in my sole name which we’ve been living in for the past 2 years leaving house 1 empty. We live off partners pension which he pays tax on. What we are thinking is we swap houses and I will then be the sole owner of house 1 and will rent it out.
There are no mortgages on either property and are both of equal value.
Do we just need to fill out forms TR1, AP1 and ID1 to send to Land Registry?
Any help or advice will be greatly welcomed.
My query is can my partner and I swap houses? Background is we are not married, had lived in house 1 for 20+ years which is in partners sole name. 6 years ago I bought house 2 in my sole name which we’ve been living in for the past 2 years leaving house 1 empty. We live off partners pension which he pays tax on. What we are thinking is we swap houses and I will then be the sole owner of house 1 and will rent it out.
There are no mortgages on either property and are both of equal value.
Do we just need to fill out forms TR1, AP1 and ID1 to send to Land Registry?
Any help or advice will be greatly welcomed.
0
Comments
-
You also need to deal with SDLT / LTT - even if no cash is changing hands, your consideration for each acquisition is the value of the property you're giving in exchange.0
-
Value of each house is approximately £95k. Would we not have to pay stamp duty?0
-
There may be some CGT calculation to do on both houses0
-
Do we[STRIKE] just[/STRIKE] need to fill out forms TR1, AP1 and ID1 to send to Land Registry?
.
* SDLT may be due if either of you own another property
* a SDLT return will need sending to HMRC anyway
* CGT may be due
Not my business, but I do wonder why. Could your partner not just let his current property?
On letting, see
* New landlords: advice, information & links
* Letting agents: how should a landlord select or sack?0 -
-
Thanks for the replies. No neither of us owns any other properties and yes the idea was to use my tax allowance.
Not really understanding the CGT though, even after reading various threads and the answers given - it just seems to go straight over my head. So we should really work out how much CGT we may have to pay before swapping houses to see if it is actually worth doing?0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards