I just saw an add for this in the Metro
myswap.ie/
Claims to be 100% free. Allows people to swap houses. Interestingly the FAQ doesn’t mention how you probably still have to pay tax on the transaction. Either stamp or gift tax I suppose?
I would guess you pay all the usual taxes otherwise I could just swap a “wad of cash” for house taxfree too.
One wonder how the friendly bank manager would take to such a deal.
Well, he wont’ mind as the mortgage has to be paid off before you get your hands on the deeds.
What I mean is, if you’re in a mortgage and in NE but you need to move would the bank be willing to facilitate a swap like this.
Hmm, good question, I would imagine not. Why should they? Unless you had managed to swap your way out of NE? I.e have 250k left to pay on your mortgage and swap into a house valued at 350k.
If you lost your job and you got a new one somewhere else it means you keep on paying your mortgage.
I’m not sure it is the same thing. The bank would have to agree to release your deeds and then accept a new set of deeds in as collaterol for the loan. In the job loss case they stay the same as as you are still obliged to pay them the money monthly.
I signed up a while back to check this website out.
Obviously you have to agree a value difference with the other party and make good that with cash.
Regarding the properties therein, I didn’t see any in what one would call the premium areas of Dublin.
Alot of people unhappy with their environs or with their long commute.
The idea is good in principle, but there doesn’t seem to be anyone willing to trade down.
That might as well be the epitaph nailed to the gates of ghost estates everywhere.
-Rd