Buying new build from Persimmon using part exchange - any advice?

jamscone_2

Have you heard anything back yet?

downs523

updates? this is interesting. thanks

mtagt56

I'd like update on this

lukepugh

Sorry for the delayed update.
We moved into our new home on 2nd April but have had no phone or internet connection.

The mortgage went through ok (95% LTV with Skipton BS - not FTB) and we are very happy with the deal we got from Jelson.

We chose Jelson over Persimmon and Taylor Wimpey because Jelson , in our opinion, are better priced and better build quality. (Solid internal walls!)

We got £100,000 for our old house + stamp duty and legal fees paid (approx £3000). The house was valued at £105,000 indipendantly by a local EA so this seemed a fair offer when you take into account EA and legal fees we would have had to have paid if selling privately.

The downside was that there was no movement on purchase price (£170,000) but again we thought this was very reasonable for a 3 bed detached with a garage and driveway considering the size of the plot and what was included.
As the house is on a hill we have a large 3 tiered garden that has been landscaped and turfed by Jelson with steps and decorative fencing between the tiers. Reasonable sized front garden, also turfed.
Carpets throughout with laminate in the hall, tiled floor in the kitchen and lino in downstairs WC and main bathroom. Kitchen has tiled splashbacks and bathroom is tiled full height around the bath with a shower and shower screen - All of this was included.

We later found that our next door neighbour (cash buyer) only got £3000 off of the asking price for an identical house!
In addition to this, Jelson have recently built 3 houses of the same type but in a row of terraces with no driveway or front garden, small plot and garage is in a block of garges at the rear of the house..... these are being marketed at £180,000!

Not sure if we were just lucky but it shows there are deals out there.
We are very happy in our new home!
Just hope others share details offers they have had for part ex to give people an idea of what to expect!

jamscone_2

Interesting update, thanks.

Contessa

Well done-you seem to have got a really good deal.
I've never heard of Jelson-are they local, independent builders? Solid internal walls-wow! One of the things that puts me off new builds is plasterboard all over the place instead of proper walls.
Hope you're very happy in your new home.

lukepugh

Contessa wrote: »

Well done-you seem to have got a really good deal.
I've never heard of Jelson-are they local, independent builders? Solid internal walls-wow! One of the things that puts me off new builds is plasterboard all over the place instead of proper walls.
Hope you're very happy in your new home.

Yes thay are local, based in Leicester and only build in the East Midlands.

The solid walls was one of the things that clinched the deal for us.

And yes we are very happy thanks.... looking forward to making it a proper family home!

Crixx316

Hi All,

Just read this, and thought I'd briefly tell you our experience with Persimmon.

We enquired about a Part Ex scheme for a house valued at 203K. 3 bed detached with Garage in Countesthopre, Leicester.

Our house was on the market for £112,500, but this was over valued as we put it on at a higher price just to see what we could get. We knew that it wouldn't go for anywhere near that, but we weren't in a rush to move.

Persimmon rang us offering 112k from looking at our property on rightmove. They also knocked 8k off of the list price of their home, and threw in turfing and carpets etc, as well as taking over the selling of our home so we didn't have to pay estate agent fees of 2k.

Our old home has already been knocked down in value twice (now £104,995), and at that price we only had 1 viewing in 2 weeks.

Therefore we think that we got a really good deal. The garden is a fair size, especially for a new build. Yes, the rooms are smaller then older homes, but we're thinking of this as our "forever home", and intend to be here for at least 15 years. We can also extend out the back due to the garden size.

GDB2222

So, you got:
Discount £8k
Carpets etc £2k say
Agent's fee £2k
Overvalue £10k say

About equivalent to an 11% discount on the new house.

Trav2012

Hi All

I have been reading this forum with interest and there seem to be differing views about what is a good deal and what isn't.

My wife and I are going to need to make a decision very quickly (within 48 hours) and therefore looking for some guidance:

We are in a reasonably fortunate position in that we have 243k cash towards a Persimmon home (5 beds) at 325k

We also have a property for sale which we have independently valued at 85k by several local Agencies.

We have told Persimmon that we can buy their house IF they can accept our 243k + 85k in exchange for their house, with them paying the stamp duty.

If their valuations have our property at 85k (unlikely after reading the above posts), then it would mean we have 328k toward the final bill.

Effectively, we are asking them to contribute around 6k to this deal, but this relies on getting an offer on our home for the full 85k.

Every thousand that they offer below this price, will be a thousand they will have to discount the home we want to buy.

I have read above that 5% is not an unreasonable discount on a new build property. This would amount to a little over 16k

We have already offered to pay for our own legal (prefer it this way).

If Persimmon do not move on a discount, it means we cannot buy this house, as we want to be mortgage free and wont borrow any money.

We have never bought a brand new home before, and all complaints aside, we feel in an inferior position as they do it thousands of times each year . . . and we don't actually know what we're dealing with.

Any considerations from readers would be welcomed . . .