Part Exchange with a developer - what are their criteria?

macaulays

Afternoon,
I am interested in the part exchange schemes that a lot of developers offer however most don't disclose many details online about the suitability criteria. Does anyone have any experience of what sort of things they do or don't have issues with in yes of Tue type of property they take? Is there a lot of consistency or are some more flexible than others/have different criteria?

S

charlamine

From my experience very fussy. We live in a victorian end of terrace we were told not suitable for part exchange as our property was to old. They really only do it on newer properties. We also have a tiny portion of.flat roof over an outbuilding attached to house which was a big no no as well. You can always give them a call

lincroft1710

Best thing is just ring them and ask. Different developers have different criteria and a lot will depend on how well the houses on the subject development are selling.

SuzieSue

lincroft1710 wrote: »

B a lot will depend on how well the houses on the subject development are selling.

Exactly this. They would much rather not have the hassle of part-exchanging so if they can find enough buyers who don't need to, then they will be very fussy about who they accept.

It also depends how much your current property is worth compared to the new property. I part exchanged 20 years ago but the new property cost 3 times the part-exchanged one so they were willing to do it.

BlueIsTheColour

I think there has to be at least a 30% increase in value from your existing house to the new one.

They also get 3 valuations who are told not to tell you the values, those reports are passed to the coordinating company, a lot use a company called smart new homes, who produce a report for the developer about values, based on a 4 week, 12week and 6month sale window.

The builder will then make you their offer for your property based on that and of course how their development is actually selling. As an example average value for my flat was £120k, they offered £115k.

We were going to do this with Ben Bailey but walked away as the conditions put us off regarding costs if your property didn't sell within their preferred window...