TIPSFORLON­G-TERMHOUSES­WAPPING

The Daily Telegraph - Property - - Cover Story -

1Estab­lish a re­la­tion­ship with your house-swap match – make sure you talk to the peo­ple you’re go­ing to swap with so both par­ties know what to ex­pect.

If you’re look­ing for a per­ma­nent ex­change, get the prop­erty val­ued – if your house is like-for-like, you can do a di­rect swap, oth­er­wise one party will need to make up the dif­fer­ence.

Get a sur­vey – it’s im­por­tant to make sure ev­ery­thing is in com­plete work­ing or­der in your new prop­erty.

With per­ma­nent ex­changes, if an agent has been in­volved, you may still have to pay fees.

With per­ma­nent ex­changes, give your lawyer the nec­es­sary doc­u­men­ta­tion so back­ground checks can be un­der­taken. If you have a mort­gage, make sure there are suf­fi­cient funds to pay it off.

Ask your lawyer to draw up a con­tract of ex­change that in­cludes all terms of the trans­ac­tion.

Stamp Duty still ap­plies to ex­changed homes, so make sure you’re clear which pric­ing bracket your house falls un­der.

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