New Builds and Part Exchange

oggy1511_2

Hi We are relocating to swindon and have our house up for sale just over a week we have had one viewing but no offer. Anyway Me and Hubby quite like the idea of a new build and have noticed there is a lot of new developments in Swindon now we thinking of part exchanging our house for a new build. Our house at mo is up for 72,000 and we looking to buy a new build in the range of 120,000. If we went down the part exchange line what is the process and how long does it take in total. I know they dont offer you your asking price but we can afford to drop a bit we just thought it would be easier going down the part exchange route rather than renting waiting for ours to sell then moving again into a new build.
Any Advice would be greatly appreciated
Many Thanks
Oggy

Wolfsbane2k

Hi.

I'm in the same boat, but have found a new build that we are interested in a Part Ex on.

Our current time line is the following ( building off plan, ie nothing to see yet apart from a spot of mud)

1) Report Interest to Developer
2) New Build Developer request inspection from 2 estate agents to look at your house.
3) Estate agents turn up, provide price to developer
4) Developer offers 10% off market price
5) Negotiations start with Builder on new property.
6) Upon price Agreement, £500 to £1k reserve price made
7) 2-3 weeks after reserver placed, Conveyancing completed on both houses
7a) Mortgage Agreed in principle for difference
8) 4-6 weeks after successfull conveyancing, solicitors sweep up.
9) Exchange after solicitors agree.
10) Wait until build complete
11) ten days notice given to move in.
12) Move in, complete ( pay all outstanding fees)
13) 7 Day snag list
14) 28 day snag list

From 6) on, Developer gets estate agent to sell your house, so this means people viewing your house.

My understanding is that if the house is already build, you can move in 4 weeks from agreeing the reserve price.

PS - This is our experience, and from my rough notes ( we're at step 5)

Good luck!

Tim

pawlala

I've just finished this process. Deposit was paid mid-Jan, and moved in end-March. Things moved very quickly. Almost too quickly at one point (developer had already plonked a for sale sign outside our previous property before I had actually exchanged contracts!!)

Only stumbling block was a rehashed process with the mortgage agreement when I bought property at valuation price rather than developer price. Could have easily shaved off another few weeks of two-ing and fro-ing. In the end everything went very smoothly and now happy in new house.

Happy to help with any specifics

oggy1511_2

Hi We have been today and viewed a Coach house which we love totally everything is ticked size and location and storage. We have filled out our Part exchange form and now waiting for them to come value our property. Our property is already for sale so that aint a problem. We have chose Bovis so we now seeing what they can do for us.
Thanks
Oggy

iangoodie

we are about to complete in the next week. due to negative equity we managed to convince them to pay the mortgage on my place (effectively about 15k more than what would get on open market) and due to our mortgage provider's valuers valuing the new build at 20k less than they had it on for we managed to get that for 20k less as well. unfort they then removed the free sdlt and carpets they had chucked in.

cant wait to move in next week!

LandyAndy

It's just over 25 years since I did it but the process went smoothly, smoother in fact that a normal sale and purchase. We paid the builder's, slightly discounted, asking price (last house on the development) and got our full asking price in part ex (56,950 and 19,950 respectively).

oggy1511_2

Thanks Guys for you answers they were greatly appreciated. The position we are in is excellent as our house has been valued at 72,000 which it is up for sale at the mo for that. We only owe 15,000 on the mortgage so if it goes through we will have a hefty bit to put towards mortgage so we will only nned a small mortgage.
The new build is costing us 37,000 so we do have some bargaining power with the devoloper we think. We have already hinted we want carpets included are there any other extras we should ask for. We have never bought a new build before so not sure what we ask for.
Thanks Oggy

oggy1511_2

Hi They coming tomorrow to value the house for part exchange and also we have a viewing to so fingers crossed that goes well for us.
Just one question though has anyone else had to get a certificate for their electrics if so how much some people paid? I know we need a Gas certificate which we have done every year and has only just been done in the last fortnight so that not a problem.
Many Thanks
Oggy

badaz52

Wolfsbane2k wrote: »

Hi.

I'm in the same boat, but have found a new build that we are interested in a Part Ex on.

Our current time line is the following ( building off plan, ie nothing to see yet apart from a spot of mud)

1) Report Interest to Developer
2) New Build Developer request inspection from 2 estate agents to look at your house.
3) Estate agents turn up, provide price to developer
4) Developer offers 10% off market price
5) Negotiations start with Builder on new property.
6) Upon price Agreement, £500 to £1k reserve price made
7) 2-3 weeks after reserver placed, Conveyancing completed on both houses
7a) Mortgage Agreed in principle for difference
8) 4-6 weeks after successfull conveyancing, solicitors sweep up.
9) Exchange after solicitors agree.
10) Wait until build complete
11) ten days notice given to move in.
12) Move in, complete ( pay all outstanding fees)
13) 7 Day snag list
14) 28 day snag list

From 6) on, Developer gets estate agent to sell your house, so this means people viewing your house.

My understanding is that if the house is already build, you can move in 4 weeks from agreeing the reserve price.

PS - This is our experience, and from my rough notes ( we're at step 5)

Good luck!

Tim

Hi Tim,

Just out of interest, we are currently at a similar stage to you. We have had the valuations and accepted their offer of £140k. A surveyor from Colleys came round yesterday on their behalf and while there is nothing to worry about from my point of view. How likely is it they will be really petty and the developer will start knocking money off for little things that may need doing.

I mean any house that is being part exchanged is going to need the odd job doing.

grimsalve

badaz52 wrote: »

Just out of interest, we are currently at a similar stage to you. We have had the valuations and accepted their offer of £140k. A surveyor from Colleys came round yesterday on their behalf and while there is nothing to worry about from my point of view. How likely is it they will be really petty and the developer will start knocking money off for little things that may need doing.

I mean any house that is being part exchanged is going to need the odd job doing.

I think that's the point of doing a "quick sale" valuation, any little jobs that need doing will be reflected in the offer price.

SailorSam

I was looking at the signs for new build flats by me, they said you could do a part exchange.
My house is to big for me, probably worth about £200k, these flats were less than £100k. I doubt they'd give me the cash change would they.