Property part-exchange

[qetta]

We wish to move to a smaller property as Welsh farmhouse is too big for us now, especially as my husband has become disabled. We are willing to consider part-exchanging ours if a suitable one was offered. We would even think about doing a direct swap for one of lesser value if it ticked the right boxes, we have paid off our mortgage, so that is not a consideration.

Estate agents only give lip service to part-exchange which seems to be the way to go in a recession when people need to buy and sell but the market is sluggish due to mortgages being less easy to obtain.

What do others think?

[Jeannie D]

I've often wondered why EAs do not consider a house-swap matching service. Last year, my house was on the market and generated plenty of serious interest but potential buyers were hampered by the fact that they couldn't sell their own houses because their potential buyers couldn't sell...Even though I've taken my house off the market, I've had approaches from three people keen to buy it if they can only sell their own houses.

There is an established EA in France which offers such a service matching those who wish to relocate to France with ex-pats wishing to return to the UK. There's regular movement of properties on the website, which suggests to me that the idea works.

If only an enterprising EA could set up a similar scheme here!

[qetta]

I agree Jeannie it would be great if someone would set up a reputable part-exchange scheme here in the UK.

[qetta]

I have made this genuine offer to anyone who is interested. If someone can introduce us to a buyer for our property, and the sale goes through to completion, I shall dip into my piggy bank and give the introducer £1000 in cash.

[Adam Long]

A friend of mine who lives in Pembrokeshire actively does more creative property transaction in that area. Is that area any good to you ?

[qetta]

Sadly no, it is too far from our family. We are looking to exchange our property for another one in the Flintshire/Wrexham/Chester areas. Thank you for taking the trouble to post, though. Maybe your friend might like to extend his area of activity.

If anyone should be interested send me a pm, I can't put a link until I have 20 posts under my belt, apparently.

[New Homes Expert]

Would a straight home swap incur Stamp Duty for both swappers?
It does for new home part exchanges.

[qetta]

Originally Posted by New Homes Expert

Would a straight home swap incur Stamp Duty for both swappers?
It does for new home part exchanges.

I must admit that hadn't occurred to me.

[Jeannie D]

I rather think it would involve SDLT for both parties. I've looked closely at the arrangements for house-swaps in France and the website says quite clearly that both parties would have to bear the respective notaire costs/stamp duty costs for their "purchases".

[drhouse]

Originally Posted by New Homes Expert

Would a straight home swap incur Stamp Duty for both swappers?
It does for new home part exchanges.

Things must have changed then. When I sold new build (admittedly many more years ago than I care to recall) there was no stamp duty on p/exes. In fact I remember it was a selling point I had to use. Stamp duty started at 60K then but I'm not sure if there was any duty if the difference was more than that.