house swap question

[falabo]

Good morning

Just wondering how easy/difficult that would be.

I have a mortgage on a property in trim and a friend of mine has one in Kells.

The place in Kells is bigger but it might suit me to live up there and she might want to be closer to Dublin.

My question is: could we just do a swap? how would this work legally ?

We could keep our own mortages of course ...

Thanks

 

[Mrs Vimes]

Hi Falabo,
If you mean conveyancing the properties (changing the ownership) then you could not keep your own mortgages. Stamp duty would be chargeable on both properties at open market value.
If you were talking about renting each other's properties then you would both register with prtb, pay nppr tax, lose trs, pay income tax on rent receivable less deductions, possibly lose tracker mortgages.
That said, plenty of people have had to move to larger properties, etc, and become "reluctant landlords" but I don't see any legal/financial advantages to swapping with a friend. If anything, if one of you ends up late with rent or maintenance then you could end up falling out badly.
Sybil