Swap Location

lrushe

Anyone ever have any experience of the website Swap Location?
The idea is that if you are in Dublin and want to move to Cavan and there's someone in Cavan and they want to move to Dublin you can swap properties. If one property is more expensive then extra cash can be given to the owner of the more expensive property to make up the difference.
Is this legal or even possible if there are outstanding mortgages on the property, it would be great if it were but I'm a bit skeptical.

Senna

Nothing illegal about it, but if there is a mortgage attached to either/both properties, then it get hugely complicated as the banks wont release the deeds till the mortgage balance has been paid.
Also, both parties would have to pay stamp duty.

The_Conductor

Please note the 'stamp duty' part of Senna's post.
Up to budget 2008- you could simply swap properties without generating a taxable transaction- not any more. Irrespective of the values of the properties now- a swap is 4 separate and freestanding transactions from Revenue's perspective- 2 purchases and 2 sales. The sales do not generate a taxable demand- if they are the PPR of the individuals concerned- the purchases do however......

lrushe

Thanks for the replies, I thought it sounded too good to be true. A relative of mine is considering it, I might see how they get on and look into it myself

eileen grace

what proportion of the value would the stamp duty be, would this really stop a transaction that socially benefits people?