House slow to sell should / could we part ex through Persimmon?

Pili-Pala_4

Hello,

My query is two fold.
My partner and I are re-locating. Our house has been on the market since February and after an initial flurry of viewings (about 10) things have now gone quiet. We've had good feedback regarding the house but we live down a private path and have to park the car about 50 yards from our front door.

There are new properties in the area we're moving to and Persimmon Homes are amongst the developers and do offer an exchange feature. Has anyone else used them?
When I asked a few questions about the procedure I was told that it would cost £150 to look into it and from there a decision would be made. We would apparently get market value (does anyone out there know if this is true?) if they decided to go ahead. When I asked about lenders the lady on the phone said that they had their preferred lenders...which worries me.

What do you all think?

Pp

Pili-Pala_4

Anybody out there had any dealings with Persimmon?

The worry is, is that the prices their properties start at (in the area we need to move to) are at the top of our budget so I'm worried that if there are any hidden costs and that they will push us into a mortgage deal that isn't necessarily in our best interest...

As a separate issue how much lower does our house need to be priced for people to over look the issue with the parking...or should I ask how long's a piece of string...

Doozergirl

You don't need to take out a mortgage through them at all. They shouldn't even be giving you that impression. I don't care if they have 'preferred lenders' the person to be doing the preferring is YOU!

You won't really get market value; you will get fleeced somewhere along the line. If you had sold you can get discounts on the asking price etc. There's another thread a few days old where someone is trying to part ex and I'm sure they're losing at least £10000 on the deal.

Pili-Pala_4

Thanks for that Doozergirl - I'll have a look back to search out for that thread.

In terms of the lenders although I know they can't make us use anyone just because they want us to the lady made it sound like anyone they don't normally use would just cause problems and slow things down...if we do preoceed though I'll contact London and Country as mentioned in the Mortgage section .

The other thing is that Persimmon want £150 to check if it's viable - and I'm just wondering if this is refundable or not (i.e. I can understand that they don't want to do a load of work only to find that you've pulled out without warning - but what if they're the ones that oull out...would we get this money back???)

Doozergirl

It won't be refundable, it will be a valuation fee that they will probably be paying an EA for.

They are making you think that about other lenders as a manipulative sales technique. They will get commission on the referral, that's their only reason for making you think that. Do use L&C, you must go whole of market!

Why-oh-Why_3

I am dealing with Persimmon at the minute and have found them very negotiable, they recommended I speak with there mortgage advisor purely to qualify me for the deal, They are fully aware I will not be using them for my mortgage and were happy with this, and had no charge either, they are going to get 2 valuations done on my current property again with no charge and take it from there, they are also giving me a deposit.

Regards the difference in house pricing for a part exchange it has to be a 30% difference.

So far my dealings have been good, so I hope they will be for you too.

fumken

Why-oh-Why wrote: »

I am dealing with Persimmon at the minute and have found them very negotiable, they recommended I speak with there mortgage advisor purely to qualify me for the deal, They are fully aware I will not be using them for my mortgage and were happy with this, and had no charge either, they are going to get 2 valuations done on my current property again with no charge and take it from there, they are also giving me a deposit.

Regards the difference in house pricing for a part exchange it has to be a 30% difference.

So far my dealings have been good, so I hope they will be for you too.

I just learnt about this part exchange scheme today. Since it has to be 30% difference, moving from London and downsizing as well, do you think they would let me buy two houses on a part exchange instead of one which is below the price of my house , since there is no incentive for them to part exchange a more expensive house and give me a balance(LOL)? I nope this can be done as I can then have an investment as we all a house to live in.

jammie*dodger

Pili-Pala wrote: »

As a separate issue how much lower does our house need to be priced for people to over look the issue with the parking...or should I ask how long's a piece of string...

Not sure about other people, but having lived with cr*p parking it's something we would never do again. We completely rule out anything with no parking space. I suspect many others are the same.

Mind you we are constantly amazed at what people are willing to put up with to live in a "character" property

Houses just round the corner where Victorian terraces (parking was a race to see who got home forst on the road) small gardens, etc. We sold our 3 bed detached - 100yards away - with 3 parking spaces, nice garden and loads of internal space and it sold for less than the character ones. Oh well.

Rob.

SouthCoast

Just out of interest, but does anybody know what Persimmon etc, do with all these properties that they take in part-ex?

jammie*dodger

A quick google for estate agents part exchange persimmon turned this quote up;

"Persimmon's Part Exchange incentive couldn't be more simple, or cost effective. Persimmon will arrange for two local estate agents to value your existing home and will make you an offer based on their recommendations - you just have to say yes and you're free to reserve the new home you want. Persimmon will even pay the estate agents fees and Home Information Pack (HIP) fee."

Second hit from google.co.uk in case you want to read the whole article.

I assume they then just market it withb one of those 2 agents.

Rob.

Croesus

I part exchanged a property with Persimmon abot 2 years ago. It (the part -ex) was sold through a local agent.
Would I do the same again? NO, NO, NO!!!!

The pressure from Persimmon to 'hurry up' with the sale was immense. Their Rep. constantly phoning me, my Solicitor and my Mortgage provider - up to 4 times a day. The house had a number of snags that needed fixing - and never were, including a fault in the documentation of the leasehold garage. Persimmon were useless - just not interested in helping at all. All they want is the sale.
I would not recommend Persimmon to my worst enemy, steer clear and save yourself the stress and money.

I hope they go bankrupt!

It still makes my blood boil to think about them. :mad::mad: