Part Exchange advice

littlesparkles

Different builders offer different versions of assisted move. I'm guessing MI move is from Miller. My assisted move is with another builder and they have another 'catchy' name for it too!

It's not that shocking that estate agents would give two different valuations really. The valuation that they will give you is for a normal sale. The valuation for the part ex is for a quick sale. Ask the estate agent for a quick sale valuation (4-6 weeks) and this is far more likely to be what you would be offered as part ex rather than a regular EA valuation.

We have sold our flat for somewhere in between the regular valuation and the part ex one. We dropped the price from our original asking price to try and sell it more quickly. This was in exchange for incentives and it worked! We sold within 4 weeks after having been on the market for around 4 months before that with just 2 viewers in that time. We had paid off a chunk of the original mortgage and have savings so we were able to put a good deposit down on the new house and secure a suitable mortgage.

If Miller are anything like Taylor Wimpey, who I am buying from, then they will want to 'financially qualify' you before they process any part ex or assisted move application. This involved speaking to their chosen financial advisor so that our affordability could be checked. Only then would they consider processing any applications for their schemes.

Good luck!

littlesparkles

Also it won't make any difference at all if you mention the possibility of part ex to the estate agents who come to value your flat! I did mention that I was thinking about a new build and possibly part ex and got regular valuations anyway. Then when we put in the part ex application a few months later the builder used a different estate agent AND spoke to our current one AND a second one that we had value also. They ALL gave lower part ex valuations than they had given me previously.

Soldierearth54

littlesparkles wrote: »

Different builders offer different versions of assisted move. I'm guessing MI move is from Miller. My assisted move is with another builder and they have another 'catchy' name for it too!

It's not that shocking that estate agents would give two different valuations really. The valuation that they will give you is for a normal sale. The valuation for the part ex is for a quick sale. Ask the estate agent for a quick sale valuation (4-6 weeks) and this is far more likely to be what you would be offered as part ex rather than a regular EA valuation.

We have sold our flat for somewhere in between the regular valuation and the part ex one. We dropped the price from our original asking price to try and sell it more quickly. This was in exchange for incentives and it worked! We sold within 4 weeks after having been on the market for around 4 months before that with just 2 viewers in that time. We had paid off a chunk of the original mortgage and have savings so we were able to put a good deposit down on the new house and secure a suitable mortgage.

If Miller are anything like Taylor Wimpey, who I am buying from, then they will want to 'financially qualify' you before they process any part ex or assisted move application. This involved speaking to their chosen financial advisor so that our affordability could be checked. Only then would they consider processing any applications for their schemes.

Good luck!

Thanks - what you have said about the estate agents "quick sale" is helpful.

Have I understood you correctly in that you have sold your property to a developer through assisted move? If so, this seems like a further option for us.

littlesparkles

No I didn't sell to the builder. That is what part ex is. The assisted move for us has basically been as follows:
reserve a property with the builder on an assisted move scheme (pay reservation fee)
agree an asking price to market current property at and also agree incentives from builder
builder instructs estate agents to market current property (they let us keep our original agent and then they chose another one)
agents market the property for 4-6 weeks
HOPEFULLY a buyer offered on current property and you accept (in our case this was slightly below the asking price we had agreed with the builder)
exchange contracts.... completion.....
builder pays the estate agent fees and various other incentives that you have agreed (in our case - stamp duty, some legal fees, removals, 5% deposit).

bellwayblues

Reserved a Bellway property who agreed a part exchange and using Moving Made Easy. All seemed well up until a few days before what I thought we would be exchanging. Then they said I had to accept a really low offer for my property and then they cancelled my part exchange and said I had to deal direct with the buyer. Get the exchange as soon as possible as without it you have nothing. I could have moved in the house by now but am delayed in a chain that has just been created. Moving made difficult. Moving made without trust. I am sure if my buyer had offered me £30,000 less they would have expected me to find it even though they promised it all in the reservation. Buyer beware. If anyone knows a legal course on this please advise. I was even silly enough to pay up front for fittings like carpets and I feel they will say I can't get the money back if I have to withdraw. Really disappointed with Bellway and Moving Made Easy, and feel the legal side has let me down.

kingstreet

mickp67 wrote: »

You haven't actually provided me with any useful advice - don't reply or get involved and make statements without any evidence, such as "you won't get".

Utterly useless!

I didn't see this at the time.

I presume from your post in the saving for deposit thread you've abandoned the part-ex idea? Any particular reason for that?

Unfortunately, my policy of a "straight bat" answering someone completely and truthfully provided an answer you didn't wish to hear, despite it being factually correct.

I will in future ensure I refrain from posting in any thread in which you are involved. I trust this suits.