Swap a plot of land with neighbour

patjack

Myself and my neighbour have a plot of land each, his plot surrounds mine on three sides, long story short, I want to give him my plot in effect squaring off his and he wants to give me an equal part of his plot which adjoins another plot of mine.

So we are wondering anyone on here have any experience of this type of transaction on here.

We are assuming no tax liabilities but we really don't know, any advice greatly appreciated?

ABlur

patjack wrote: »

Myself and my neighbour have a plot of land each, his plot surrounds mine on three sides, long story short, I want to give him my plot in effect squaring off his and he wants to give me an equal part of his plot which adjoins another plot of mine.

So we are wondering anyone on here have any experience of this type of transaction on here.

We are assuming no tax liabilities but we really don't know, any advice greatly appreciated?

Have just done same here with a neighbour. Not a cheap transaction as I paid all legal fees (700 ish) and land registry (400 euro). Also need an engineer to prepare maps, auctioneer to value and stamp duty of 2%. Good luck!

A cow called Daisy

Fair play to you for wanting to do this. Havs seen two farmers driving past each other's places to get to very sized bits of land adjoining the other farmer's land. Borh to stubborn to 'give him my good land for his'.
Hope it works out for you both.

Arbiter of Good Taste

patjack wrote: »

Myself and my neighbour have a plot of land each, his plot surrounds mine on three sides, long story short, I want to give him my plot in effect squaring off his and he wants to give me an equal part of his plot which adjoins another plot of mine.

So we are wondering anyone on here have any experience of this type of transaction on here.

We are assuming no tax liabilities but we really don't know, any advice greatly appreciated?

Get proper tax advice. This may be treated as two separate sales at market value.

ABlur

Arbiter of Good Taste wrote: »

Get proper tax advice. This may be treated as two separate sales at market value.

Its transferred on a Deed of Exchange, our plots were valued at same value as we swopped similar sized areas, no tax liability.

ganmo

There was a scheme a while back think it was called farm consolidation scheme specifically for this. Not sure when it stopped

Count Mondego

ABlur wrote: »

Have just done same here with a neighbour. Not a cheap transaction as I paid all legal fees (700 ish) and land registry (400 euro). Also need an engineer to prepare maps, auctioneer to value and stamp duty of 2%. Good luck!

Do you mind me asking why you paid for everything?

ABlur

Count Mondego wrote: »

Do you mind me asking why you paid for everything?

So as to speed up the process, the solicitor suggested it (!), the other party would have ponied up some but I would be elderly by the time it would be ready for sign off:eek:

patjack

Thanks for replies, thats good to hear all that Ablur, if it stops at 1k approx to get it done, I'd say we will press ahead to get it sorted. Any indication of timeframe once solicitor is approached?

ABlur

patjack wrote: »

Thanks for replies, thats good to hear all that Ablur, if it stops at 1k approx to get it done, I'd say we will press ahead to get it sorted. Any indication of timeframe once solicitor is approached?

Ah solicitors my favourite people, turn a simple job to a prolonged one thus justifying their fee (joking of course!). Allow a couple of months unless you have time for ringing them regularly to remind them!