Part-Exchanging your home: post-completion inspection question

liverpoolbear

I agreed to part-ex my house with the original builder about two months ago. They use a third party who agreed to give us £20k less than the price the Estate Agents said we could get. I accepted this as I really wanted the new house (the builders also put the price up by £18k a week after we'd agreed the part-exchange).

After "doing the maths" I calculated the mortgage required as well as the savings I would need to put in to purchase the new house (plus legal fees etc.).

About two weeks ago the solicitors acting on behalf of the third party came back with a load of questions, many did not apply.

One of the things they asked for was a four figure sum for a deposit pending a "post-completion inspection". I was not advised of this at the start, so 6 weeks down the line having to find this sum came as a bit of a shock, especially when I had not budgeted for it.

Does anyone know what the post-completion inspection entails?

I was advised by my solicitor it is because some part-exchange homes are left in an unclean state meaning they have to pay £500+ to have them professionally cleaned. I was also informed some people have been known to remove permanent fittings (dishwaster, fridge, fire, lights, etc.).

I am not taking anything as that isn't right plus the new house comes with all the appliances etc., also I will be leaving the house clean & tidy.

If I was staying I'd probably give the interior a lick of paint, that is not to say it is bad but it needs freshening up. There is also the odd mark on the carpets, although they are clean, and on the walls. However this is a house that has had two owners (it is 10 years old) and in a condition one would expect.

I work with a solicitor and she advised me that as long as the house is left in the condition when the survey/valuation took place then they must give me the money back. I have taken photographs of the house as proof of the condition and have asked my solicitor for the details of the post-completion inspection in writing.

Is there anything I have missed and need to consider?

Many thanks.

liverpoolbear

Bump, anyone?

Propertyauthor

That does seem to be an extreme amount of money - I am not aware a PX company would hold this much back. I would ask what it is for and if it is for cleaning, suggest an amount that is reasonable!

davidmcn

I've not heard of this either. If the property isn't in the contractually-required condition they can sue you like anybody else. No other type of purchaser expects a deposit.

Hannah2

We part exchanged with Barratts over 3 years ago and we had to give a £500 deposit. We got it back no problem - it was just to ensure we didn't take any fixtures and fittings that had been agreed should remain.

We simply left the house in a clean state and we had the money returned relatively quickly.

liverpoolbear

Hannah2 wrote: »

We part exchanged with Barratts over 3 years ago and we had to give a £500 deposit. We got it back no problem - it was just to ensure we didn't take any fixtures and fittings that had been agreed should remain.

We simply left the house in a clean state and we had the money returned relatively quickly.

Thank you. My solicitor said this is usual in these sort of transactions and can range between £500 & £1000.

Did you have anything in writing?

We are not taking anything except our furniture and electrical items, and will be cleaning the house after we have removed all our items.

liverpoolbear

As the current house is leasehold the company purchasing it are waiting on a response to three questions from the builders solicitors (the house being sold/part-exchanged was built by the same company as the one being purchased). The builders still own the freehold for my current property, it is down to their solicitors to make it happen. This is the only thing holding everything up and they are keen for everything to complete quickly.

All the searches are complete, just a couple of questions and it is complete!

Looks like it could happen very quickly!!!