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part exchange old house for new?
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# 1
wnb
Old 29-06-2007, 5:58 PM
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Default part exchange old house for new?

Does anyone have any experience of part exchanging on a new property?

Basically we are fed up with waiting to sell our house and new development has popped up which has everything we need.

They are doing part exchange (its a major national northern builder), what does this entail?

THey said they send two independant valuers around, take into account the fact we wont pay estate agent fees etc, and offer you a price giving you 24 hrs to decide. Does this mean we get stiffed?

Has anyone done this, your experience would be grately appreciated.

Thanks in advance

Mrs WNB
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# 2
Doozergirl
Old 29-06-2007, 6:48 PM
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If you had sold your house you would be able to negotiate on their asking price.

If you part-ex you'll find there is very little, if any discount available to you. So yeah, they give you a sensible price for your house but you still get stiffed.
everything that is supposed to be in heaven is alread here, on earth.

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# 3
MRSTITTLEMOUSE
Old 29-06-2007, 7:48 PM
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We part exchanged with a major builder 7 years ago,got pretty much the going rate less what we saved going through an estate agent for the sale.We had to be able to move when they wanted us to,which in our case was two weeks which unfortunatly happened to be two days before Christmas day.You won't usually be able to negotiate the price with a part ex.and they don't usually offer incentives like carpets ect,but if you want to get the house without the bother of having to sell yourself then it's worth it.
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# 4
IHateDida
Old 29-06-2007, 11:27 PM
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We were about to do the same but we received an offer on our house a couple of days before the P/Ex with Bovis.

They sent 2 independent estate agents around and they both valued at 159,950, Bovis said that they would offer on a 4-6 week selling price - so firstly offered us 155,500 and then the max they would give us was 156,500. The former was if they paid the stamp duty (245k) on our new place as well.

But in the end we rejected the offer as we received a full asking price offer of 159,950 from one of the EA buyers that we were with. Ok we have to pay our EA fees of 1.25% - but its worked out better for us as we have also negotiated another 500 off the asking price (the newbuild was 245k and we have got it down to 228,500 - think you have more power if you sell your own).

But its worth seeing what they offer you - and you can always have a word with the independent EA's that come round with a 'suggestion' of your own if you get my meaning!!!!!!

From what I was told from the EA - the property developer sells on your behalf - they never actually own your property (which is why they don't have to end up paying stamp duty) - they facilitate the sale between yourselves and a buyer - even though you in effect have nothing to do with it!
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# 5
rosysparkle
Old 29-06-2007, 11:45 PM
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I bought a new build from Barratts and they wouldn't p/ex my old house because it was up for more than 40% of the price of the one I wanted to buy. So I hung on, found a buyer for my old place, and negotiated 19,500 off the price of the new place and got them to agree to carpets, curtains, alarm, fireplace and fitted wardrobes.

If you can sell your house yourself you have bargaining power. If you put your house in p/ex your builder has the power. I know which one I'd rather have!
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# 6
wnb
Old 30-06-2007, 8:32 AM
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Thank everyone this is really helpful. We are going to take another look today, always different after a nights sleep when the gloss has worn off.

All advice was really useful.
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# 7
louisdog
Old 30-06-2007, 10:48 AM
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We did a part ex on a new Bovis home a few years ago, our house was on for 107k and hadn't had all that much interest and no offers after about five weeks, Bovis offered us 104 for it which we thought was quite good. We didn't get any incentives on the new house though. But one huge advantage is that once we had agreed this deal, we had no more worries, whereas if we'd been in a chain I would have been really stressed out until exchange.

The sales lady on the Bovis site was really helpful and as completion was a Friday, she let us keep the keys for the old house unofficially until the weekend which was great as it meant we could move gradually.

We found the experience good and would repeat in future.
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# 8
gilly41
Old 30-06-2007, 5:47 PM
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HiWe have just agreed(yesterday) to part exchange our property for a new home. We were offered 115K and that is the price we said we wanted----so very very happy!!!!We too are in the north east---they also asked for 2 valuations and made a decision from them. We actually had it up for sale with 2 EAs so they didnt need to send anyone out---they just rang them to confirm prices and 24 hrs later we had a decision.We can actually stay in our house til the new one is complete in October although we have to exhange by the end of July. I cant wait as it will be so much easier than trying to sell it again(we have a buyer who offered us 117,500----after 8 weeks he pulled out losing us 900 in fees!!!!!!!).Good luck OP----feel free to mail me if you want to let me know which builder it is as I am in the north east. xx
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# 9
Doozergirl
Old 01-07-2007, 1:25 AM
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It's only a bonus when you don't understand that the prices are often negotiable. Moreso than a similar second-hand house, which are generally cheaper anyway, per square foot. If you don't realise that then you are prey for developers.

I've been lucky enough that I've priced my houses sensibly enough for them to sell quickly. You don't need to pay the developer to sell your house for you - I'm not sure how many thousands of pounds I'd be prepared to lose for convenience. Not many.
everything that is supposed to be in heaven is alread here, on earth.


Last edited by Doozergirl; 01-07-2007 at 11:36 AM.
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# 10
plane_boy2000
Old 01-07-2007, 10:42 PM
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My partners grandmother part exed with barret a few years ago - she had been in her house for 30 years and wanted to move as her husband was ill. The house was in need of complete modernisation, and the quiet road they bough on had become a dual carraigeway. They offered her 98% o fteh price she had it on the market at, and because the house she was buying was a cancelation (so already built, carpets, kitchen etc in) she managed to negotiate a fewextras and a few grand of the asking price. She may have got a better deal if she had just walked in with cash but for a lady in her 70's it was a very smooth easy transaction, and it got her out of a house she may have ever sold. Her old house was on the market for ages after she moved, and at several thousand less than she was paid for it.
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# 11
carted00
Old 02-07-2007, 1:56 PM
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I'm just going through the process at the moment and it's right for me. We live in an 80 year old house which is nice but needs a lot of work doing to it. I have neither the time nor the inclination to do all that is needed. To make matters worse we are surrounded by scummy people and their scummy kids and the kids from all around come to the green next to our house to shout and swear their heads off. We accepted 185K and the house is up for 193K. We've had probably 30 people, maybe more round through 3 EAs without any decent offers coming in, most who like the house were put off by the time to completion.

What's good about it. We've exchanged contracts after 6 weeks, longer than expected but the builder's solicitors kept asking more and more questions about things they already had answers to. We don't have to worry when people come round whether they like the house or not, if the EA can't do the viewing, there's no viewing. If people want to view at inconvenient times, they don't view. If you wait to sell your house, there might not be a new one to buy (on our development of 92 plots, only 5 remain, 2 of which I think are reserved, the rest have sold off plan.)

What's not so good. As others have said, there is no bargaining power, you pay the asking price and no less.

As long as you go into the process knowing that the price you see is the price you pay you won't be disappointed.

Would I do it again? Probably.

Darren
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# 12
TANZA
Old 04-07-2007, 9:11 PM
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My boyfriend is trying to sell his flat and thought about part ex with a builder in our village. They valued ( 2 independent estate agents) at 120000 and 130000 and offered 140000 in part ex for a house on sale for 299000. He already has a mortgage of 70000 so it just wasn't enough. He's had his flat up for 145000 but hasn't had any viewings. I'm fed up with the whole thing. I think the thing about part ex is you have to be realistic about what your property is worth ( which my BF isn't). If there was a new build in our village which was affordable to us then we would go for part ex as it doesn't seem like we're going to sell the flat. Should it have sold in 14weeks?
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# 13
jamzof
Old 02-06-2008, 9:40 PM
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Thumbs up part ex change

We are going through a part ex change at moment, the asking price was 230k we got them down to 185k so you can do it if you try, we lost 5k on the part ex change deal on our house but who cares, its going through really smoothly and should be ready to move in before the end of the month which is brill.
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# 14
skintlass
Old 02-06-2008, 9:49 PM
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Quote:
Originally Posted by jamzof View Post
We are going through a part ex change at moment, the asking price was 230k we got them down to 185k so you can do it if you try, we lost 5k on the part ex change deal on our house but who cares, its going through really smoothly and should be ready to move in before the end of the month which is brill.
That sounds like a great deal - which builder is it with and whereabouts in the country?
Never let your sucesses go to your head and never let your failures go to your heart.
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# 15
obsessed_saver
Old 02-06-2008, 10:51 PM
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Please take note of this tale of caution about Part Exchange with Persimmon (big national builder :rolleyes:
http://forums.moneysavingexpert.com/....html?t=949881
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# 16
willhives
Old 07-01-2009, 7:23 AM
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Has anyone seen this website : www.partexmyhome.com
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# 17
geoffky
Old 07-01-2009, 1:42 PM
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240k new homes near where i live are selling now for 187k so beware what you pay because if you pay near asking price you will have lost a lot of money..53k in this case...why anyone would pay anywhere near asking price for a house to me needs to have their head and pocket examined...have you all checked on the web what the other houses have sold for. or go and knock on some of the doors and ask..
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# 18
3KIDSNOMONEY
Old 15-05-2009, 12:13 PM
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hi, read through this thread and it seems that house builders are more likely to be haggled down on price now than they were last year - does anyone else think this is the case. want to p/ex our house for one that is up for 220k without any extras - any advice. thanks
now mum of 4!!!
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# 19
desperate house buyer
Old 27-06-2010, 5:35 PM
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Hello,

There is a new development about to start near where I live, it is a major house builder. Ideally we are looking to part exchange, can anyone advice whether the house builder will offer a part exchange straight away or shall we play it cool
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# 20
LauraScarlett
Old 14-06-2011, 6:40 PM
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Default Advice please!

I have recently just bought my first property, a new build 2 bed flat. This was a special easybuy scheme where the developer gave 15% deposit, i gave 5% and got a mortgage for the remainder.
I havent been here long (4 months) but i already want to move.
I want a house and a garden, and i dont like some of my neighbours here.
What are the chances of being able to get part exchange on this scheme and what other costs are involved in moving? I'm sorry to be naive but i really dont have a clue.

I dont mind staying here longer and saving but i need to know how much I will need to save so i can figure out a realistic moving time.
I am a key worker and my wages will go up every year, i will also be moving with my boyfriend (he lives with me now but isnt on the mortgage)

Many Thanks.
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