Swapping house with a family member

[clio007]

I am hoping to get some advice on a property swap with my mother and sister are proposing

My mother owns her property outright which is worth circa 400k. My sister also owns a property worth circa 290k with a 120k mortgage.

My mother is planning on swapping her house with my sisters with my sister transferring her mortgage onto my mums property.

The end result we would like is my mum owning my sisters home outright and my sister owning my mums home with a 120k mortgage on it. Can anybody provide guidance on how we would actually do this? Would their be tax implications?

[clio007]

Thanks for your help both.

Who would I go about speaking to about this? Some sort of residential solicitor? Is there anyway to avoid paying stamp duty? Or will we have to pay it on both properties

[clio007]

No its not do with avoiding inheritance tax. Its just up sizing for my sister.

I guess it would be different from a stamp duty point of view if my sister was mortgage free right? Perhaps we could pay off her mortgage and then she can re-mortgage once we have swapped over.

We are just looking at the most cost effective way of doing it.