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Private Home Swap/Exchange - Any advice/experiences muchly appreciated !

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  • Private Home Swap/Exchange - Any advice/experiences muchly appreciated !

    Would appreciate some advice from any Conveyancing Solicitors or anyone who has successfully done this !!
    Our property has been on the market for 16 weeks with quite a few successful viewings and one offer which we accepted (but problem with buyer's mortgage - so we are in limbo).
    The reason for us moving is purely location (local school) and we know exactly the type of property we want in the exact area - I am toying with the idea of seeking "property exchange" like for like (I know the properties in the area we are seeking are going to be around the same value as our own) and having looked on tinternet assume the only costs are going to be solicitor's fees/searches/ building society mortgage fees etc (just found out full stamp duty may be liable) ?
    Obviously as this is a private home exchange and we have an outstanding mortgage would this be easy to arrange?? - it could be if we do find a home owner that would like to swap with us they may not have a mortgage ?? Are there any implications ???
    Another bonus of moving this way is to be free of any "CHAIN" which is very favourable.
    Anyone have any thoughts/suggestions??
    Thanks in advance
    Newbee to HomeMove

  • #2
    Re: Private Home Swap/Exchange - Any advice/experiences muchly appreciated !

    Hi PottyHouse,
    I have a cousin who runs his own law firm in London, and he specialises in commercial and residential conveyancing. Interestingly he tells me that swapping private properties does actually happen fairly frequently.

    There's no difference with the conveyancing, as you just would still carry out the necessary steps to selling your home, and buying your new home. But in this case the properties being bought/sold are to the same two parties.

    This would seem like a great idea because you don't ever get yourself into a chain.

    You would still need to apply for a new mortgage though I believe on the new property, even if it's the same or lesser value. Because the lenders need to re-evaluate the property and also you ability to repay.

    Hope this helps,

    Cheers,
    Glen

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