Its a recession why not swop your house
In case you missed it, things are pretty tight in the housing market. A great idea has emerged from a Cork based company.
Easy House Exchange
Its an incredibly simple concept and its free for the moment, register you house, see a house you like, agree the difference and you are good to go.
I had a chat with the guys involved and whilst the site is a bit sparse at present I can see huge potential here.
Details below
Easy House Exchange has just been launched. It provides the opportunity to straight swap properties or swap and exchange the difference. The service is available to private householders, developers or investors with portfolios of property.
It provides an opportunity to take part exchange properties as part payment for new stock and brings house seekers to your properties. There is no obligation to accept any properties offered and a maximum percentage value of the part exchange can be stipulated.
Easy House Exchange represents a genuine opportunity to get stock moving in a new and innovative way.
We are currently loading stock on a free pre launch basis. Entries will be free until March 2009 and thereafter charged at
Private Vendor rate of :
€60/STG £49.50 per property 3 month subscription
€80/STG £69.50 per property 6 months subscription
Developer’s rate of :
€240/STG £195 per development 3 month subscription
€360/STG £295 per development 6 month subscription
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Superbly clever idea. Very old-fashioned gentlemen’s agreement type thing with real money of course.
However what would this deal be in the eyes of the law?
Will the Revenue chase the parties for stamp duty dues? How will Land Registry change ownership without the stamp duty paid proof?
Revenue would still get you for the Stamp duty on the market value as per an auctioneers estimate i would assume.
Still though great idea to realese up illiquid assets and for people who wants to move in and out of cities. I too think there is great potential in this.
Mnay thanks for interest and positive feedback re our project. Sadly stamp duty will still be payable and you still have to conduct transaction through solicitor to safeguard all parties but t gives real opportunities to get “stuck” property moving both for private parties and developers with huge stocks
Interesting idea! I am not a legal expert, but as far as I understand there is no such thing as a “swap” or an “exchange” in the law. So I think this is treated as two independent sale and purchase agreements.
I have had talks with an estate agent in Roscommon re house swapping recently and its basically still a buy and sell transaction and subject to the normal conditions but it can be a handy way of speeding up the whole process and avoiding mortgages.
I might go for it if I find the right house!
Thanks Leon
Definitely right that you still have to do “the legals” but it breaks chains, gets people out of forclosure situations by trading down, moves stock for developers to at least get some cashflow and get some people living on empty estates so that they look more attractive to other home seekers