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Persimmon won't part exchange on an apartment

GemChiefSaver
GemChiefSaver Posts: 23 Forumite
in House buying, renting & selling
Hi!

We have been keeping a close eye on a persimmon development near to us. Today we went to see the show home and get further details on the site plan and the properties available. We were hoping to part exchange our 1 bed apartment, but the Sales Executive on site said that persimmon don't part exchange on apartments. Does anyone know why?

Our apartment was valued at £115k last year, we currently owe £85k on the mortgage and looking to buying a 3/4 bed house for around £200k.

I am really frustrated at the moment, and just wondered if anyone could shed any light or if anyone has had similar experiences?

Thanks for reading :)
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Comments

  • giddypenguin
    giddypenguin Posts: 808 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Why not sell your flat? You'll probably get more for it.
  • GemChiefSaver
    GemChiefSaver Posts: 23 Forumite
    It looks like that is what we'll have to do. I think I was just hoping for the easy (?) option of part exchange so we can just get out of this apartment into a house.

    I'll be on the phone to a local estate agents monday morning but i just wanted to understand persimmon's logic???
  • vikingaero
    vikingaero Posts: 10,920 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Some areas have an absolute glut of flats for sale. If Persimmon buy one they might not shift it for years. Flats were probably the most overpriced property in boom time with the slick sales pitch of upmarket lifestyle when the reality is completely different.
    The man without a signature.
  • Doozergirl
    Doozergirl Posts: 34,064 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    vikingaero wrote: »
    Some areas have an absolute glut of flats for sale. If Persimmon buy one they might not shift it for years. Flats were probably the most overpriced property in boom time with the slick sales pitch of upmarket lifestyle when the reality is completely different.


    The terrible irony of a developer not wanting to buy back, at any price, something that could quite easily have been built by them :(

    They don't part exchange on anythiung they feel to be a bad investment - difficult to sell on. Ex-council have always been on the list, looks like new build apartments are as well in certain areas.
    Everything that is supposed to be in heaven is already here on earth.
  • C_Mababejive
    C_Mababejive Posts: 11,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Yes...what a joke. Persimmon and all the others have been knocking up cheap system built flats for the past few years and selling them as premium products at vastly over inflated prices and now the bubble has burst,they are turning into ghettos in the sky,the social housing of the future. No wonder they wont touch them..!

    You will either have to stick with it in the hope of recouping your cost (then sell) or try and sell and cut your losses,or rent it out and use the rent to rent somewhere else.
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • Orpheo
    Orpheo Posts: 1,058 Forumite
    Nobody wants to buy flats and Persimmon know this. The market for flats has disintegrated, young person, no deposit, desperate to get on the pwoperdee ladda, and those who bought flats during the boom are convinced that their "luxury apartments", flats, are worth a fortune and put them up for sale at the same prices as houses. I PMSL when I see slave-box "open plan" flats with their lack of space, lack of ventilation, lack of access, cheap fixtures and fittings and punitive management fees market as luxury apartments.

    They have apartments in the US where there is generally space for the building to have a larger footprint. In the UK we have flats.

    As has been said, these are the ghettos of the future.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • pinkshoes
    pinkshoes Posts: 20,511 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Depends on your location, but in some areas there are just tpo many flats, and 1 bed flats have a very limited market.

    £115k for a 1 bedroom flat seems a lot of money if a 3 or 4 bedroom house is only £200k!
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • C_Mababejive
    C_Mababejive Posts: 11,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    pinkshoes wrote: »
    Depends on your location, but in some areas there are just tpo many flats, and 1 bed flats have a very limited market.

    £115k for a 1 bedroom flat seems a lot of money if a 3 or 4 bedroom house is only £200k!

    Just checked my local rightmove and can spot several 3 bed semis for £120,000 that I'd happily live in !
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • Person_one
    Person_one Posts: 28,884 Forumite
    Tenth Anniversary 10,000 Posts Combo Breaker
    Wow, a lot of anger directed at flats! Most people I know live happily in flats, in some city centres there just aren't any houses so a flat is not quite the terrible investment it might be in a suburb. The OP doesn't say where their flat is, there are areas where flats sell just as well as houses and he doesn't need to be told he's been living in a 'slave-box', neither do I!!!
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    Person_one wrote: »
    Wow, a lot of anger directed at flats! Most people I know live happily in flats, in some city centres there just aren't any houses so a flat is not quite the terrible investment it might be in a suburb.

    There are some seriously expensive flats within a mile or so of where I live:

    For example, £12 million on the banks of the Thames overlooking St. Paul's:

    http://www.primelocation.com/uk-property-for-sale/details/id/BLSA5803534
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
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