Upsize, downsize: Is swapping your home ever a good idea – and what are the pitfalls?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 14 June 2019

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Much is made of the difficulties faced by first-time buyers to get onto the property ladder, but less talked about is the problem facing second steppers and those looking to downsize.

As growing families struggle to afford to move up the property ladder could intergenerational house-swaps be the answer?

That's the question editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost tackle this week.

What are the potential stamp duty and inheritance tax traps to look out for, and is it a good idea?

Simon debunks the different ways businesses report profits and what to look out for, and updates on Neil Woodford.

Lee runs the rule over the top easy-access savings deals as a number now match Marcus Bank's 1.5 per cent rate.

Meanwhile, we talk about the plans to protect physical cash, as usage continues to dwindle – that, despite a launch of a new set of Peter Pan 50p capturing the public imagination.

Transcript

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0:00.0	Welcome to This is Money in Partnership with NS&I. I'm Georgie Frost and joining editor Simon
0:06.3	Lambert and I today is assistant editor Lee Boyce. And coming up, family house swap, the answer
0:11.4	to the second step as prayers. Profits matter, but which one, Simon bust some jargon, plus
0:16.9	Marcus has competition, cash looks out for the count and Lee retires at his coinman peak, just as there's a new coin in town.
0:23.9	Don't forget you start up to date with all the latest breaking money news.
0:26.7	Just go to this ismoney.com.uk or download the app.
0:30.6	This is Money.
0:31.9	Brought to you in partnership with NS and I, giving your little ones a head start with our junior ISA.
0:37.9	Now much is made of the difficulties faced by first-time buyers to get on the property ladder,
0:42.2	but less is talked about the issues facing second-stepers.
0:45.8	Now, as growing families struggled to afford to move up,
0:48.7	could intergenerational housewops be the answer?
0:51.6	If so, what are the stamp duty and inheritance tax implication?
0:55.9	And is it a good idea anyway, especially if you've got a big family? Simon, you have the case
1:03.0	of Colin Messenger, 63-year-old Colin Messenger and his family, the moment of inspiration that was
1:09.2	struck on his holiday in Malta. What was that?
1:14.3	Well, the moment of inspiration highlighted in this story by our colleague, Samath Partington,
1:20.4	on Money Mail, is that he realised that his daughter and her husband needed a big house.
1:25.8	He and his wife were rattling around their
1:27.6	four-bedroom house just two miles down the road. So, Colin thought, why not swap houses? Genius
1:34.2	idea. Legally so. Legally so, yes. So each takes ownership of the other house. Obviously,
1:39.6	if you wanted to just live in another person's house and they lived in yours, then that wouldn't
	...

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