Part exchange - -what will it be?

mark5

We done a part-ex with Barratt on a £216,000 purchase about 3 years ago at the time Barratt would have given me a £10,000 deposit if i had been a first time buyer on the same property

I took it that the house price was inflated by £10,000 to allow for the extra costs of the part ex involved or the deposit if ftb.

Barratt give us £95000 for our old property which was the market value and also paid £1000 towards legal fees.

You also save on estate agents fees etc (£1500+)

It took 6 weeks from us paying a £1000 deposit on the Barratt house to the completion date and we had no worries about chains and buyers pulling out etc

The Barratt saleswoman also give us the weekend to empty our old property before collecting the keys from us.

The move was really straight forward and i would recommend part ex to anyone.

azureblue_2

erm....can you part ex an old house for a new property at the same value i.e. negating the need for a mortgage?

NoDebtForMe_2

No, you have to have a percentage between them. Think it is 30%.

coolmax

Yes - it's supposed to be a 30% differential, but we've been told they may flex on this. (By Miller Homes.)

natman

Hey.

on my property there had to be a 40% difference between ours and the new home......................................
Any how, just to hopefully finish .
Went to look at the property, still really nice, anyhow i managed to squeeze them for stamp duty so thats another £2,000 i managed to get.
Heres the link of the home if anyone is interested -
http://www.morrishomes.co.uk/find-your-perfect-home/fulwood-park/plots/1365/details.htm

I think having a mortgage offer in principal is a definite for anyone doing this, i could always come back to this point,

Any how the worrying thing is - they have given us a month to complete and move in............
Wasnt quite expecting the speed of this...........
OMG

gemmalouanna

natman wrote: »

Hey.

on my property there had to be a 40% difference between ours and the new home......................................
Any how, just to hopefully finish .
Went to look at the property, still really nice, anyhow i managed to squeeze them for stamp duty so thats another £2,000 i managed to get.
Heres the link of the home if anyone is interested -
http://www.morrishomes.co.uk/find-your-perfect-home/fulwood-park/plots/1365/details.htm

I think having a mortgage offer in principal is a definite for anyone doing this, i could always come back to this point,

Any how the worrying thing is - they have given us a month to complete and move in............
Wasnt quite expecting the speed of this...........
OMG

I think the speed is the appealing thing We are looking into new builds chorley way, my friend bought on the Fulwood estate a few weeks ago he really likes it, only down side is hearing motorway but he has always lived around there so is used to it, glad it is going ok for you

mark5

Hi Natman

When we done the deal with Barratt the contract stated we had 28 days to complete which was scary but in the end we just exchanged contracts on 28 days and moved in 2 weeks after that.

It might be different now with house sales dropping but ask your solicitor to complete on any day but Friday it makes finding a removal firm at short notice a lot easier and cheaper.

Goodluck,
Mark