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Part Exchange
Part exchange occurs where the seller and buyer purchase each other’s properties.
Both properties must be allocated a price which reflects the current market conditions. The owner of the less-expensive property pays the difference on completion.
Although there is nothing to prevent private individuals entering into such an arrangement, this type of transaction will often involve a developer. Developers may have strict requirements before they enter into this sort of arrangement and properties with structural faults are usually excluded.
Sometimes you might not be able to get the best price so you need to get an independent valuation before entering into this arrangement.
Stamp Duty Land Tax is payable by both parties at the normal rates on the agreed price of the respective purchases.
At Hart Brown we can help with all aspects of this sort of sale and purchase. We remove the jargon to ensure you fully understand what you are buying and what your obligations are in relation to both the sale and purchase.
To speak to someone who can help with a part-exchange transaction call, email or request a call back from one of our specialist lawyers.