Exchange houses instead of selling then buying

[yottie]

Has any-one experience of the above and is it feasible ?

 

[tony1851]

What's the chance of finding a house the same value as yours, in an area you like, and the person living in that house wanting to move to your area?

Fairly slim?

That's what money is for - to give people more freedom of choice.

 

[dreadnoughtheating]

Estate-Agents have banned it.

DH

 

[JBR]

Estate-Agents have banned it.

DH

I wonder why!

 

[yottie]

Estate Agents would surely still get their cut in some way I feel sure. I realise I've not specified that this is a second home, not used for letting and not the principal pad.

 

[RogueHanger]

Surely, it's not limited to similar value houses. Isn't part-exchange also possible.
Additionally, what does it have to do with Estate Agents? If you've found a willing co-exchanger, estate agents need not be involved.
Now there's an idea for a web site.

 

[Whitespirit66]

Swapping council houses is quite common. However, for privately owned, I think it would be frought with problems.

http://www.houseexchange.org.uk/

 

[RogueHanger]

Swapping council houses is quite common. However, for privately owned, I think it would be frought with problems.

http://www.houseexchange.org.uk/[/QUOTE]
How so? If the usual rules of surveys, valuation, research, solicitors arranging conveyancing, etc are followed then where is the problem?

For part-exchange, a mortgage or some sort of financing would still be required, but it would be no different to a deposit being placed and the mortgage covering the remainder.

 

[noseall]

Has any-one experience of the above and is it feasible ?

You mean have a 'moving day' just like they do in cities in Canada.

 

[big-all]

if its to do with possible tax implications i would check with hm customs and excise first as to there take on the situation as i am fairly sure they wont allow you any savings by calling it a swap
but off course i dont know but worth asking

 

[Whitespirit66]

Swapping council houses is quite common. However, for privately owned, I think it would be frought with problems.

http://www.houseexchange.org.uk/[/QUOTE]
How so? If the usual rules of surveys, valuation, research, solicitors arranging conveyancing, etc are followed then where is the problem?

For part-exchange, a mortgage or some sort of financing would still be required, but it would be no different to a deposit being placed and the mortgage covering the remainder.

Wrong end of the stick again coathanger. I'm not on about the legals. etc. See Tony's post - immediately after OP.

 

[RogueHanger]

Swapping council houses is quite common. However, for privately owned, I think it would be frought with problems.

http://www.houseexchange.org.uk/[/QUOTE]
How so? If the usual rules of surveys, valuation, research, solicitors arranging conveyancing, etc are followed then where is the problem?

For part-exchange, a mortgage or some sort of financing would still be required, but it would be no different to a deposit being placed and the mortgage covering the remainder.

Wrong end of the stick again coathanger. I'm not on about the legals. etc. See Tony's post - immediately after OP.

Which one, precisely, the one about money offering freedom of choice? Then perhaps, you should be more precise with your vague references.

But to respond to your point, sometimes the market demands that less desirable strategies may need to be adopted.
Suppose a real potential recent problem:
I have a house for sale, but I can't find a buyer and I want to move to a different area. I can find a house that I would like to buy, but I can't raise a futher mortgage. I approach the other seller, who, I find can't find a buyer either. But they are amenable to a swap, on the basis that it makes little difference to them whether they don't have a buyer for this house or that house.

 

[rjm2k]

Yes it's perfectly possible, you can do a straight swap, top up or get cash for the different in value. Your solicitor would arrange to pay stamp duty on the appropriate value. Any estate agent would likewise probably want their cut.

 

[yottie]

Most interesting inputs, any-one any idea how this swap would effect capital gains, assuming one or both properties were second homes ? There would appear to be no capital gain any-where.

 

[big-all]

as i said all ready i think you would have to pay on the market value and the stamp duty as a normal buying and selling transaction
rather than the difference between the values