How much my property is worth?
Always get your property independently valued, before considering a permanent exchange. Do your research and check out local property prices. Don't be tempted to over-price your property.
Advertising on myproperty-finder.com / Can I sell it instead?
If you find another party who is listed on myproperty-finder.com and wants to buy your property, and you theirs - go ahead! Just set up a private sale between both of you. A potential swap can turn into a conventional sale.
Do both properties have to be the same value?
No, when you are exchanging property, there is maybe a difference in value, and then you will have to arrange finance to cover for the difference.
Difference in property value
If your property is more expensive than the other parties, you can 'part exchange' as long as the other side is agreeable, and able and willing to pay you the difference in value.
Can I avoid paying stamp duty & taxes?
You will still have to pay all the taxes and stamp duties (UK) as you would for a conventional sale. For this reason it is important to keep all written valuations and evidence of transactions between yourself and the other party.
Can I trust the other party?
Care and precautions should be taken with any transaction when buying, selling or exchanging property. As follows common sense is needed, when:
- Arranging meetings, always tell someone else where you are going and who you are meeting, and never hand any money over at this stage.
- Take appropriate independent legal advice. If you are arranging a swap with someone in another country, you should take advice in both countries or consult a Solicitor who is familiar with the property laws in the country you are planning to move to.
- Employ professionals to check every aspect of the exchange of property. You should at least make sure that:
- The other person is owns or is entitled to sell the house you want
- The property is as described
- You and the other owner agree on the value of both properties
Do I still need a Solicitor?
Yes; exchanging your property is a legal transaction just like when selling your property.