Part Exchange - Deal or No deal

kes1981

bart7871 - a friend did a part exchange moving from Dundee to York and got a really good deal with Crest Nicholson! might be worth a try!

natman

Hi Lee.

I personally think after reading other threads, some builders are very different.
I have read a story about persimmon homes and how difficult they were with customers on a part ex.............
Any how...............My story

Basically I had in mind an amount that i wanted a mortgage to be - no more than 90k in total.
So i got the mortgae offer in principal and took it from there.

It took about a week to negotiate following the builders valuation of our house.
My recomendation is to get your house valued by two or three estate agents, so you can show that you are focused on getting things moving.
2 estate agents valued our house at 140k.
The builder offered us 125k to begin with, then 130k, then 135k. So as soon as we got the 135k confirmed we said to the builder -

if your giving us 135 for ours- we can only affor yours at 195k, there was some give and take for the next couple of days on our house and the new house - but i had in my head that i did not want the house costing any more than £70,000 than what we were given for ours.

we also managed to get £1500 towards stamp duty - this is a good one to get as i suppose a company can look at there tax figures and sort something out.
So yeah it was win win - i think
i got a decent price, i got a great house at a decent price. had no estate agent fees or HIP.

lee777_2

thanks for reply natman,the reason i am interested in your story as is it is a morris home i am interested in .The estate was started last july start price was 259950 for house we are interested in and recently dropped to 249950(15 of 60 been built) looks like the site has been mothballed for now.i am thinking there is a good chance of a bargain i am hoping to get the house for around 220k and 155k for mine, the morris home it is already carpeted etc but no fireplace , did u get one with yours? last off with your 6k for appliances what did you get for that if u dont me asking as that seems a good wedge to spend thanks lee

natman

lee777 wrote: »

thanks for reply natman,the reason i am interested in your story as is it is a morris home i am interested in .The estate was started last july start price was 259950 for house we are interested in and recently dropped to 249950(15 of 60 been built) looks like the site has been mothballed for now.i am thinking there is a good chance of a bargain i am hoping to get the house for around 220k and 155k for mine, the morris home it is already carpeted etc but no fireplace , did u get one with yours? last off with your 6k for appliances what did you get for that if u dont me asking as that seems a good wedge to spend thanks lee

Hi.
to be honest the house we bought had already been sold before and the previous couple had instructed the £6000 extras from their own money i am led to beleive. Their sale fell through and we were the lucky couple to have the benefits of this.
we had built in fridge/freezer £1000., built in dishwasher - £800 and washer machine, £800 special cooker hood.£800
all carpet in all rooms we live in a three storey large house - a lot of carpet
kitchen flooring
special chrome radiators in all bathrooms - 3 bathrooms



Yes our house has no fireplace, there is a special plug for an electric fire. To be honest we thought the fire may be a poit we would struggle on i.e a focal pont or something to turn on just to take the chill off, but in all honesty i personally have not missed a fire, i suppose its peoples preference.

Good luck mate

lee777_2

thanks natman for your input it has enlightened me no end, lets hope i can strike a good a deal as you, once again thankyou, its nice people like you are willing to give personal info to strangers and likewise good luck to u and your family in your new home regards lee...i will post my dealings with morris as soon as things get rolling...cheers mate

natman

lee777 wrote: »

thanks natman for your input it has enlightened me no end, lets hope i can strike a good a deal as you, once again thankyou, its nice people like you are willing to give personal info to strangers and likewise good luck to u and your family in your new home regards lee...i will post my dealings with morris as soon as things get rolling...cheers mate

No problems lee.
Give me a shout when you post something as I dont want to miss it. by the way whats the development called? have seen three developments in NOTTS.

Another bit of info for you. when you strike a deal, get ready for a bumper month.
we were given 3 weeks and 5 days to legally complete - that means, get a survey done, get a mortgage offer, sort solicitors out and all the searches, organise removals. On one hand it was great that there was a speed to the move, but to be honest we wernt as prepared as we could have been i.e we kept with the same mortgage company on an ok deal, but felt by going to a new mortgage provider in todays climate it may slow things down. ( i would get a mortgage advisor on board now if your serious, get lots of things moving before you sign - you can always stop it if things dont go to plan.

In addition - when we signed the legal paperwork of buying the house at the start we also had to sign to get the following work done to our house - Lanlords gas safety certificate - to make sure gas appliances are ok( £60)
- Corgi registered drain down - basically plumber comes round and takes all the water out of the pipes ( radiators and water) so no leaks can happen whilst no one is living there! (£80)
- we had to pay £750 for a retention. basically this was to cover the cleanliness and good working order on the house Morris homes where buying off us, you get it back 10 days after you move in if your house is left clean and tidy basically.
I am still waiting for my £750, they can be a bit sloooooow!!

any how let me now how things go!!!

lee777_2

hi natman, had my offer yesterday 130k!!!! being sensible our house is worth 160k in todays climate so i could sell sharpish at 150k private which is probably the route we will take also they say no leeway on price from their end (mad or what )the prop in question is 30k overpriced with current prices so i have a defecit of 50k (too much for any sane person to bear) looks like we will sell ours private and put a cash offer in ,,any developments in meantime i will post on here..i think personally this is the start of the mind games with them but not hopeful as there is 50k to bridge thanks mate

terrierlady

do they do easy mover or some such scheme which allows you to try the open market place you may sell tomorrow or maybe not for a couple of months people always think their home is worth more than it is try the open market and prove it, the part exchange allows you to stay in your home till the new ones ready plus hips done and paid for perhaps free removals and more.....Most people who have done a part exchange use the same process next time so it cant be that bad a scheme, remember any june builds will begin to come down as its half year end and full year end for some builders they need to sell quickly.;)

Feline_friendly

We have done a part exchange with our house. We are waiting for our new biuld to be finished...due end of June.

We originally thought our house was worth £110K but after an independant EA valued for us we were very qiuck to realise that our house would market for £105K but sell for £5K - £10K less than that....a bit of a reality check for us!

Wimpey marketed our house at £95K and it sold in 2 weeks. A similar house on the market for £110K is still on the market after several months.....it was due to them we went for the part ex as we were worried we wouldnt sell.

Just dont be surprised if their offer to you isnt that far offer what your house would actually sell for in todays market and climate.

Good luck which ever way you decide to go.