28th June 2010

What is a property exchange or home swap?

Homeswapping has taken the UK by storm, as the new and stress-free means of moving home.

Definition

A homeswap is a process in which the tenants or owners of two properties exchange tenancy or ownership of eachothers property.

Private homes

In the case of two private homes A and B, the owner of property A would purchase property B. While at the sametime, the owner of property B would purchase property A. It is straight forward sale & purchase transaction for both parties, which can easily be handled by any conveyancing solicitor in the same way as a conventional sale.

A huge advantage of homeswapping is the elimination of a property chain.
A chain is a line of buyers and sellers tied in linked property transactions. When one transaction falls through, for instance because someone cannot get a mortgage, the entire chain breaks, and all transactions are destined to fail.

A homeswaps avoids the complications and stresses of a chain. This is one of the main reasons why property swapping has become so popular in the UK.

No Chain
Rented homes (including Council property)

For rented property, including Council and Housing Association properties, a homeswap involves the tenants of each home agreeing to move into eachothers property.

In the UK, permission must be granted from the respective land lords of each property prior to the tenancy swap.

For many living in housing association or council owned properties, this is the most viable and straight forward means to moving home.

Swap homes

In a rented property and want to move? Then swap it on Glass Bob!

Glass Bob is a website designed soley for the purpose of helping people in private and rented property exchange homes.


Glass Bob - The UK's friendly home swap website