Comments on: Its a recession why not swop your house

By: Quasi-Red Links 2/12/08 : Alexia Golez

Quasi-Red Links 2/12/08 : Alexia Golez — Tue, 02 Dec 2008 12:32:38 +0000

[...] Love the idea of swapping houses! [...]

By: Richard Ennos

Richard Ennos — Fri, 28 Nov 2008 09:17:22 +0000

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

By: Leon Quinn

Leon Quinn — Thu, 27 Nov 2008 21:23:08 +0000

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!

By: Little Links - Thursday November 27th 2008 | Joe Scanlon

Little Links - Thursday November 27th 2008 | Joe Scanlon — Thu, 27 Nov 2008 16:22:09 +0000

[...] Phelan shares a FANTASTIC house swop [...]

By: Teknovis

Teknovis — Wed, 26 Nov 2008 19:57:04 +0000

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.

By: Richard Ennos

Richard Ennos — Wed, 26 Nov 2008 17:04:53 +0000

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

By: Ronanob

Ronanob — Wed, 26 Nov 2008 16:43:22 +0000

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.

By: Shefaly

Shefaly — Wed, 26 Nov 2008 15:53:36 +0000

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?