Any estate agents or financila advisors out there please? A part-exchange query!

[chocolateshoes]

our house is on market for £249. WE've seen a house that will part ex for £449K. Wahts' to stop us givin ghim our house for free and him changin us £200K so we can avoid stamp duty & get lower mortgage rates.

hmmmmmmmmmmmmm.................

The Revenue will see through it as a tax avoidance scheme - you have to declare the details of the purchase in order to register the change of details with the Land Registry. When they see the form with nil purchase price they will know it's dodgy, as will the bank when they send round their valuers.

I wouldn't risk it, but then I'm a born worrier!

Thanks GK. That does seem reasonable. Just couldn't get my head round it all!

On thing you could perhaps do though is argue that the value of both houses has dropped by say £50k due to the housing market problems. This will make the stamp duty less.