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Buying a part exchange
HouseHunter2010
Posts: 74 Forumite
Has anyone any insight on buying a property which is involved in another part-exchange, i.e the 'old' property being sold by a builder?
What happens in cases where the current 'occupiers' (since they've technically already sold to the developers) wouldn't be moving from the property for say 6 months, when their new build is ready? Would the new buyer of that house have until 6 months down the line to pay the deposit? Would a small 'holding' deposit be required at the time of agreeing the deal? I know these are questions I need to ask the estate agents/builders but they're not open now!!
What happens in cases where the current 'occupiers' (since they've technically already sold to the developers) wouldn't be moving from the property for say 6 months, when their new build is ready? Would the new buyer of that house have until 6 months down the line to pay the deposit? Would a small 'holding' deposit be required at the time of agreeing the deal? I know these are questions I need to ask the estate agents/builders but they're not open now!!
Deposit Saved -> £25000 Target -> £25000
100% of the way there :j
Target Date -> 31/12/2011
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Comments
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A part exchange is just that. They buy yours, you buy theirs. Completion at the same time. Swap keys. I don't think the developers would be very happy with someone in their property for even a day longer than they should be, never mind 6 months!!HouseHunter2010 wrote: »What happens in cases where the current 'occupiers' (since they've technically already sold to the developers) wouldn't be moving from the property for say 6 months, when their new build is ready?Mortgage free I: 8th December 2009!
Mortgage free II: New Year's Eve 2013!
Mortgage free III: Est. Dec 2021...0 -
Hope you are getting a discount for being made to hang around for 6 months to complete.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
A part exchange is just that. They buy yours, you buy theirs. Completion at the same time. Swap keys. I don't think the developers would be very happy with someone in their property for even a day longer than they should be, never mind 6 months!!
As I said, the new build isn't going to be ready for 5-6 months. It's been agreed between the developers and the couple moving out of the property that I've viewed that they will remain in that house until the new bulid is ready. I've spoken briefly with the estate agents and if I was to put in an offer and it was accepted then completion and therefore deposit would be in 5-6 months time.Deposit Saved -> £25000 Target -> £25000100% of the way there :jTarget Date -> 31/12/20110 -
Richard_Webster wrote: »Hope you are getting a discount for being made to hang around for 6 months to complete.
That's another issue that I'm thinking of, as I haven't made an offer yet. The price that it is marketed at is pretty much in the range I'd expect for a 'normal' sale. From the developers side of things though I'm not sure if they'd be happy to wait around to potentially get the the asking price, rather than accept a lower offer to reflect the situation, since they know they have 5-6 months to find a buyer?Deposit Saved -> £25000 Target -> £25000100% of the way there :jTarget Date -> 31/12/20110
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