Negotiating for a part exchanged house

Ms-Money-Penny

This is my second attempt at purchasing a property, first one i walked away from after survey.

I have had an exclusive before going on the market viewing on a property that has been part ex'd to Redrow, its a terraced house but finished to high spec, i am going to have to make a serious offer as this is going to be snapped up quickly. Does anyone have any experience of buying a part ex'd property and does the purchase take longer than normal.

Thanks

kingstreet

You'll normally be expected to be in a position to exchange in 28 days from the sale being agreed.

Builders want P/Es turned over ASAP.

dotdash79

It should be the same amount of time as a normal house sale, can be quicker as there is no onward chain.

However it is a race to exchange as the agent will continue to show people the house until just before exchange. So have you solicitor and your mortgage in place so you just need to give property details for valuation before offering.

Ms-Money-Penny

My solicitors are in place and have the majority of the information they require, just searches needed. My mortgage offer for the previous property would need to be transferred to this one, so yes i think i am good to go and i would not be worried about any survey on this one, so fingers crossed.

Ms-Money-Penny

dotdash79 wrote: »

It should be the same amount of time as a normal house sale, can be quicker as there is no onward chain.

However it is a race to exchange as the agent will continue to show people the house until just before exchange. So have you solicitor and your mortgage in place so you just need to give property details for valuation before offering.

The vendor is exchanging next week and she'll be completing 2nd week of March.

scottishgirl87

We have literally just completed on a property last week which had been part-exchanged. We're in Scotland so slightly different, however, we did get the property for £22k less than it is valued at on the Home Report and we wouldn't have got such a deal if it hadn't been part-exchanged.

We made our offer at the end of November and took ownership last week, obviously Christmas was in the way of that so that held things back slightly. The only problems we had were that the developer's solicitors were useless and basically ignored us until the week before our completion as that is when they had actually taken ownership of the property from the Seller. Once they had ownership they were a bit more on their toes, finally! The only other thing was they would only provide us with a comeback on the central heating and they wouldn't pay for the charges searches or guarantee there was no planning permission round about the property. We discussed all of this and decided to take the chance.