I own my second home outright and she has a mortgage on a flat but no money will change hands
Q I own a house outright. The property is a second home and not my main residence. My daughter and son-in-law have a mortgage on their flat. We want to swap properties as I no longer need the house. No money will change hands as the properties are of similar values. Do we have to pay stamp duty? Does my daughter have to have a different mortgage or can she transfer the one she has?
MK
A Yes, your daughter and son-in-law will have to raise a mortgage on your house in order to repay the mortgage on their flat when they move out. They may be able to move their current deal, but only if the lender is happy to secure the mortgage on their new home.
