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Part Exchanging Properties
Cryptix
Posts: 48 Forumite
Hello all. Can anyone advise me how the following would work?
My girlfriend and I are looking to sell our two houses and buy a bigger house together. We've found the perfect house and after arranging a viewing, the current owner has offered to part exchange either one or both of our houses if it made the sale quicker (they take on houses to rent out).
At the moment we are both paying two separate mortgages - although I'm on a 50% shared ownership scheme (which I've contacted the HA and they said there would be no problem privately selling the other half to them and exchanging my half at the same time or I buy the other half outright before the part ex).
So how would this work if we did look to part ex? Would they buy the properties from us, which in turn pays off our mortgages and we get a new mortgage on the their current house? Or would we swap ownership and remortgage to the cost of the new house?
Sorry if I'm being a bit 'dim', but I'm finding it a little complicated to get my head round as I know nothing of part exchanging!
Thanks
My girlfriend and I are looking to sell our two houses and buy a bigger house together. We've found the perfect house and after arranging a viewing, the current owner has offered to part exchange either one or both of our houses if it made the sale quicker (they take on houses to rent out).
At the moment we are both paying two separate mortgages - although I'm on a 50% shared ownership scheme (which I've contacted the HA and they said there would be no problem privately selling the other half to them and exchanging my half at the same time or I buy the other half outright before the part ex).
So how would this work if we did look to part ex? Would they buy the properties from us, which in turn pays off our mortgages and we get a new mortgage on the their current house? Or would we swap ownership and remortgage to the cost of the new house?
Sorry if I'm being a bit 'dim', but I'm finding it a little complicated to get my head round as I know nothing of part exchanging!
Thanks
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Comments
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I'd see what they're offering on both your properties before going any further. My guess is it'll be very low offers...
If you don't want to accept their offers, I wouldn't be offering on theirs before you've sold both.
Personally, I would rather get rid of one first, live in the other and sell/buy. To sell two at the same time can be a nightmare (especially as one in around 3 transactions falls through).
Jx2024 wins: *must start comping again!*0 -
Thanks for the reply J!
We'll definitely be seeing what the offer is first of all.. I just don't know how the technicalities of it would work if it was something we were to consider seriously.0 -
You wouldn't just 'switch ownership'. You'll need to apply for a new mortgage like normal. Doubt it'll speed anything up, it just puts you in a position to buy theirs (ie with someone to buy both your properties) (all to the best of my knowledge!).
Jx2024 wins: *must start comping again!*0 -
That's great, thanks for clearing that up! I thought it was going to be more complicated than that
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