Property News · January 25, 2021

What are legal and tax implications of swapping homes but not ownership?


We want to move into my parents’ larger house while they downsize to oursQ I own a house that I pay the mortgage on. My parents live just around the corner in a near-identical house, although it has a downstairs extension and a loft conversion. They own the property outright and have no mortgage. We would dearly love some more room in our house but rather than pay for a loft conversion we are exploring the possibility of swapping houses with my parents. They are in their late 70s and no longer need a house that size, so it would suit both parties perfectly.We are not considering swapping ownership of the houses, simply swapping living arrangements. I would still pay the mortgage on my property and no other money or rent would be involved. If either party wanted to sell their property, then we would simply swap back in order to do this. Continue reading…

Source : theguardian.com
Read more…What are legal and tax implications of swapping homes but not ownership?

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