Show me the money? Or Money for nothing?
It is actually illegal to offer money to mutually exchange a property but it is quite common to see people offering money on ill-informed websites or in newspapers. Sometimes the amount offered can be thousands of pounds. I haven’t looked on the HSS website to see if they hold statistics on tenants who have been refused an exchange on the grounds that financial incentives were offered. I would be surprised if they held them.
There must be exchanges that do take place with finance being offered by one of the tenants involved – but is it right – morally or ethically? A mutual exchange should be just that, an exchanging of properties where both tenants are in mutual agreement.
What are the reasons that people offer money? Is it desperation or just that they want the right property – what ever that might be.
[ad#Google 200×200 right]When I see advertisements that offer money to exchange, I stay well clear of them – not because I know it’s illegal, but because I wonder why they are so desperate. Is it a dump? Is it a really rough area? Do they have the neighbours from hell? What?
I’m sure there are some tenants who are desperate to move for really genuine reasons like overcrowding or personal/family reasons and who think they stand a better chance if they offer a financial incentive of some sort.
Do some tenants take the swap just for the money? Are they happy after the exchange has taken place?
Surely someone must be able to answer one or some of my questions ……………….?
Your comments are welcome about this subject.
Author: CCHE Deb
some ppl like me will accept cash for a swap in order to allow me to cover deposit on a property on the private rental market, my council does not offer any incentive to relinquish property and im not in a position to save up a deopisit and large removal costs
Well it is illegal. If you get caught both you and your potential swapper can lose the right to exchange and be evicted.
Landlords do offer incentives if tenants are downsizing by at leat 2 bedrooms.
If you are looking to move you should be saving up & not expecting other people to pay your costs for you. Take responsibility.
I was offered a choice of 5 properties from a guy who advertises on gumtree and sounds like he works for my bank. The properties he was offering were all housing association and he wanted to swap for council with right to buy. Nothing dodgy going on there then!
I don’t see the harm in offering an incentive if both parties are willing to a gree and the person taking the cash is happy? What is the big deal?
I don’t see the problem to be fair, no idea why it’s illegal either.
I’m trying to move from a 2 bed flat with one parking space to anywhere that has a drive. Currently I work two jobs and still can’t afford a mortgage and even if I could I’d be dead before it was payed off! all these foreigners can be chucked straight into houses before we are and then rent out their spare rooms to friends / family or just other immigrants. Why’s that allowed? Seems they are making a golden life for themselves with all the hand outs and we have to grind our a*ses off!
Back to the point, I offer cash to help them with costs of moving!
Where does this leave all the young families who are desperate to move who can’t afford to offer incentives? Stuck in a 2 bed flat, tried to private rent but minimum salary too high for what we need, can’t get a mortgage and council won’t help? It’s hard enough trying To get an exchange when it’s your last resort to build a family home, without being up against people with a bunch of cash lying around to get what they want. Sigh. Frustrating to see so many people think it’s ok. Social housing that is suitable should be equally available, not dependant on what cash prizes are on offer!
You ask for answers to your question but jump at people who are answering ur question, if your not going to like the answers why ask a question? Some people are over crowded, some need to be closer to family as theyv been ill I belive it’s Un fair but hey if uv got money to offer ur choice,(if u work if not then how on earth can you afford to Have money to offer to move)
The council offer incentives of upto £3000 for people wanting to downsize by two bedrooms within the same council organisation. Why isn’t that illegal then?
When your on homeswapper it takes years in most cases to find a move unless your very lucky or have the pick of the pack because your the one downsizing.
I personally don’t see anything wrong with offering cash incentive (if it wasn’t illegal)… if you need a move then you should do what you can to offer what you can and it shouldn’t be frowned upon if you work hard to save money to get what you need in life; because let’s face it, many of us will work all the hours God sends and never be able to afford a mortgage.