Anyone have experience of part ex for new home?

Abbafan1972

We have been in our current home since 1995 when we got married. 2 kids later and we have outgrown the place.

There is a new Bovis development local and we did discuss going to have a look before they started building but never got round to it. We have looked on the net and I think they are still building and are still advertising as having available plots, so I've started thinking about it again.

We were thinking about seeing if we can do a part ex with them. Does anyone have any experience of doing this and is there any criteria that our existing property has to meet?

There is some work that needs doing, like the kitchen needs ripping out.

Babiesmummy_2

We are just in the process of part exchanging with Bovis we should have exchanged yesterday but that didn't happen due to one thing and another. We have an expected completion mid-end June.

We are relocating and thought part exchange would be easier and the figures that we agreed on were acceptable to us so went ahead.

We had our house valued by 2 estate agents at £190,000-£195,000 with a view of accepting an offer of about £185,000(if we marketed it ourselves), Bovis then instructed a 3rd valuation within about a week they offered £180,000 for our property and £5,000 knocked off the cost of our new house £249,995 (new price £244,995), I also negotiated carpets, turfed rear garden, house alarm and stamp duty to be included in the deal.

I feel we got a decent enough deal out of it maybe we could have pushed for more, bearing in mind the estate agent fees and hips report are paid for by Bovis that has saved us approx £3000-£3500.

Bovis instruct a company called MovewithUs to deal with the sale of our property, they set up the marketing with estate agent etc. Our property went on the market Easter weekend, we had one viewer and the property was sold within 7days of going on the market. Maybe if we had sold the house ourselves we would have had more leverage with negotiating on the new house, but who knows how long the house would have been on the market for if we marketed it. (we also don't know what offer has been accepted on our property)

It has been quite straight forward so far, we have picked our kitchen, tiles, fire etc.

I hope this helps a little bit, good luck

Also look at the info on their website
http://www.bovishomes.co.uk/homes/index.cfm?page_ID=25

Abbafan1972

That sounds good. Have briefly spoked to the guy in the sales office and I think he said they don't consider part ex on a plot that isn't built yet (they are still building). They have one house left on phase 2, but to go for that or any of the new builds on phase 3 we have to be proceedable (ie:- sold), which we're not.

poppysarah

My neighbours have part-x'd on something in January not built then - they're moving in on Thursday - a month or so late.
I assume it depends though on the builder.