Posted on 22 September 2012 by Alan
i own my house outright with no mortgage and my son has a house of similar value with a mortgage.we would love to exchange houses without any money changing hands.is this possible, any help would be greatly appreciated,thanks.
It may be possible to swap houses without any money changing hands, but that does not mean you may not be liable for Stamp Duty Land Tax. I have referred you enquiry to our in house solicitors, Rollingson's for them to advise you when a liability will arise. You should hear directly from them by e mail in the near future.
Your son will need to apply to his mortgage lender for a new mortgage and should check in his original offer of mortgage that the current product is portable and that no early repayment charges will become due. As part of transferring the mortgage your son will have to pay for a valuation report on the new property, an exit fee on the old property and the lender's legal fees.
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