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[lady_p_gold]

My parents have a large house and want to downsize and have met another couple with a bungalow who want somewhere bigger. Does anyone know how they could go about just swapping with a cash adjustment without all the hassle of actually going through the entire buying process ??? They are both going to have proper valuations and surveys but it seems pointless to use estate agents when neither are in a chain and both know what they want, just not sure of the legal pitfalls ???

[beckyboo]

There is no legal requirement to involve an estate agent. All you need is to inform your respective solicitors and set the swap wheels in motion.

[buildersmate]

The advantage of doing this is that both parties will avoid some (and probably all) of the Stamp Duty tax since this tax is payable on the sum of money changing hands. Solicitors will confirm this.

[kags]

That Stamp Duty loophole was closed with the introduction of Stamp Duty Land Tax in 1993. Stamp Duty will be payable on the market value of each house.

[Ethel]

kags is right, sadly.

If the properties are subject to stamp duty because they are valued over the threshold, it will have to be paid.

But the completion could be done very quickly in these circumstances.

[buildersmate]

Sorry about the duff info - obviously out of date on this aspect.

[lady_p_gold]

thanks everyone :)