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Part exchange on 2 houses?
blt
Posts: 241 Forumite
Sorry if this is somewhere else on the forum, but I can't seem to find anything on this.
My husband and I want to buy a new home - each of us own a separate house from our single days. Unfortunately the slow market has limited our options somewhat and we're now looking at some new developments near to my work.
The question is, will developers take 2 houses in part-exchange? Whilst I understand that the price is often lower etc - it's the point about 2 houses really.
The other thing is that we were going to put all of the equity from my house (about £30k) into our new house, and use the equity in his to pay off some loans, credit cards etc. Is this possible still when you are part exchanging? Sorry if this sounds rather convuluted Basically we wanted the cash from his, but I'm not sure how this might work now?
Any help gratefully received!
My husband and I want to buy a new home - each of us own a separate house from our single days. Unfortunately the slow market has limited our options somewhat and we're now looking at some new developments near to my work.
The question is, will developers take 2 houses in part-exchange? Whilst I understand that the price is often lower etc - it's the point about 2 houses really.
The other thing is that we were going to put all of the equity from my house (about £30k) into our new house, and use the equity in his to pay off some loans, credit cards etc. Is this possible still when you are part exchanging? Sorry if this sounds rather convuluted Basically we wanted the cash from his, but I'm not sure how this might work now?
Any help gratefully received!
0
Comments
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bump! bump! bump!0
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Depends on the builder. Ive seen it happen before providing there is still enough of a differential between the new one and the 2 properties added together
The paying off debt thing doesnt have anything to do with the px scenario. This would potentially be an issue in terms of your mortgage depending on your financial status/loan percentage but the builder wont care what you do with your equity as it makes no difference to them.0 -
It will depend on the house buyer, worth asking them though
Squish0 -
You will probably need a big gap in the value of the new house compared to the combined value of the 2 properties you wish to part-exchange.
When I done a part exchange they were not interested in taking 180k properties in part ex when the new ones were 220k, they wanted a certain proportion of the sale proceeds in money as opposed to other property.0 -
Do you know, I didn't even think about the house we were looking at buying. I'm not sure if we would be spending enough. Oh well, probably for the best....I was feeling a little bit 'pushed' into going for a new one. It's just that my house just isn't blumming shifting!0
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Do you know, I didn't even think about the house we were looking at buying. I'm not sure if we would be spending enough. Oh well, probably for the best....I was feeling a little bit 'pushed' into going for a new one. It's just that my house just isn't blumming shifting!0
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