Reasonable negotiation on a part ex, your thoughts welcomed

WestHamDaz

** sorry for cocking up the title, typing on a laptop isnt my best skill **

Hi,

I have this week begun the process of home part exchange on a new build with bovis.

To cut a long story short I own a house in the north east but now live in herts due to work and relationship ending, currently lodging with someone down south while my property is just coming to the end of a tenancy. I bought the house 3 years ago for £127k and current climate estate agent advises its value at around £120-£125k. My mortgage is currently around £105k

Need to get a place of my own and have seen a property up for £169,995. Bovis are curerntly going through the procedure to get valuations on my property and a part ex offer to me hopefully by the end of this week.

I have read up on here about how your negotiating power is reduced when part ex'ing but is it unreasonable to ask them to lower the asking price/pay 5% deposit?
I have worked out i would need an offer from bovis of around £118k-£122k (which they have said is very possible) but would also require the asking price to come down from what they are listing.

The property in question is a 2 bed coach house, not my ideal property but its very nice and is the only option I have at the moment, the sales market is dead at the moment and im at the point in my life where i need shot of the place up north and to begin a new one down here so waiting 6-12 months isnt an option. This purchase is also planned to be a long term thing, not an investment, but a home for me to live in.

Once i get their valuation for the part ex i was thinking £5k or 5% deposit paid, plus carpets and maybe a washing machine, is that asking too much for a part ex deal?

sorry for all the questions, any thoughts/comments will be very greatfully received.

thanks very much

WestHamDaz

apologies for bumping this back up but has anyone had experience of negotiating on a part ex/new build deal?

Im sitting here waitign for the phone to ring for them to tell me what they are willing to offer for my place.

Its like deal or no deal but with far more serious consequences!!

zone

They might offer you less than you are expecting. So it may depend on their offer how many of the extras they are willing to include. If they offered you £100k or less will you accept the part ex? Or only if they agreed to include all the extras? Think of it both ways so you know what your answer will be. But hopefully they will offer the same as your agent and negotiating will be straight forward.

lincroft1710

£170K for a 2 bed coach house in Herts would have been a bargain 2 yrs ago. Were I Mr Bovis, I would be wondering how easy it would be to sell the p/x. I'm no expert on NE prices, but EA's valuation seems high. Negotiation is like playing poker, who can bluff best. Who needs deal more? You or Bovis? Check out how many on development unsold. Check if similar properties to yours in NE are selling easily. If the p/x offer is good, they're desperate! If offer seems low or makes the deal unviable, tell them you want more. The only person who decides if the deal is right is you, the key word is affordability, don't stretch yourself in current unsettled climate.

WestHamDaz

they are gagging to get off the estate here as they are currently undertaking another large new build estate about 10 miles away. there are 20 units on the estate we are looking at they they want to get rid of as soon as possible.

I know exactly what i need from the part ex / offer and if it isnt right then i'll be walking away, which is a shame as i really want to get shot of the last remaining tie to a crap time living in the NE.

If their offer is within the figures i have would it be too outragous to ask them to drop the price to £159k for example, and include carpet?

Would be interested to hear if anyone has had much negotiating power with their part ex...

thanks for taking the time to reply. hopefully i'll be getting my offer tomorrow