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Is Corrie house swap legal?


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Old 24-06-2008, 14:59
raymartin01
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Quite a few years ago I proposed a similar exchange when it transpired that three of us, who knew each other and lived in the same village, were basically wanting to swap houses all round. I suggested that we need only pay each other the differences in the costs of each house. One of the other parties ran this idea past her solicitor who expressed the opinion that this would be illegal, as it could be considered a way of avoiding Stamp Duty.

Can any legal types confirm this?
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Old 24-06-2008, 15:19
sherer
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well i doubt corrie would bother looking into whether something is legal or even believable, the swapped babies storyline

i'm pretty sure you could get the title deeds of the place transferred over to someone else i.e father to son, but not sure if you could do this outside of a family
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Old 24-06-2008, 15:24
Ber
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It is perfectly legal to buy and sell property "privately", as long as all the proper legal channels are done (land registry, etc.).

Stamp duty wouldn't come into it as (IIRC) both properties were under the £125k threshold.
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Old 24-06-2008, 15:57
GoochyB
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Stamp duty wouldn't come into it as (IIRC) both properties were under the £125k threshold.
That's the key, as, per the OP's reference, although it wouldn't be illegal to only pay the differences between the values, Stamp Duty Land Tax would be due on the full value of each property, not just the difference paid. If the gross value of each property is below £125K then SDLT is nil.
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Old 24-06-2008, 16:02
faded
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i liked this storyline purely because it gave us the line 'i dont like this conservetory..too much glass'
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Old 24-06-2008, 16:17
raymartin01
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In the case I was describing, Stamp Duty was payable on all 3 of the houses involved - it was quite a few years ago.
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Old 24-06-2008, 17:33
GoochyB
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In the case I was describing, Stamp Duty was payable on all 3 of the houses involved - it was quite a few years ago.
Yes, until 3 years ago the SDLT/Stamp Duty threshold was £60K, so a lot more properties were caught.
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Old 25-06-2008, 10:34
Soapsaddict
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i liked this storyline purely because it gave us the line 'i dont like this conservetory..too much glass'
There was one word for that line ...... HA!
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