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Part-exchange home

elle_22
Posts: 4 Newbie
Hello,
I was wondering if someone could help. We bought our first home with help to buy from Taylor Wimpey. And we are considering to get a bigger house as we need more space for children. I was reading about part exchange cheme. How does that work? How should I know we are eligible? I booked an appointment with them, but its only in couple weeks time.
We bought our current house for 200k and with help to buy our mortgage is 150k, the house that we like is 300k. Its a new built house from Taylor Wimpey, could someone explain me please could we do a part exchange with them? Even though we are on help to buy scheme now and would we need any kind of deposit?
Thank you in advance, appreciate any useful information.
I was wondering if someone could help. We bought our first home with help to buy from Taylor Wimpey. And we are considering to get a bigger house as we need more space for children. I was reading about part exchange cheme. How does that work? How should I know we are eligible? I booked an appointment with them, but its only in couple weeks time.
We bought our current house for 200k and with help to buy our mortgage is 150k, the house that we like is 300k. Its a new built house from Taylor Wimpey, could someone explain me please could we do a part exchange with them? Even though we are on help to buy scheme now and would we need any kind of deposit?
Thank you in advance, appreciate any useful information.
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Comments
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Do you not have to pay off the government loan on sale of the house and do you have sufficient income to get the higher mortgage ?
I can see no reference to part exchange (where your current house is definitely sold ) on the TW site, but they do mention a scheme whereby they pay estate agent fees and liaise with the estate agent. However, the latter would not guarantee sale or a price.0 -
Thank you
we are eligible for bigger mortgage, when me and my partner we put our income together as well as we both have pretty good credit score. I think you are right, we suppose to give that ‘help to buy’ money back to government if we sell the house. So do you think we would be eligible for part exchange? And is it worth doing it? To be honest its the same area just a bigger house.
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1st question: Do Taylor Wimpey offer part exchange?
2nd question: Are houses on your estate difficult to sell?
3rd question: Are you happy to take a lower than market value for your property?
If the answer to any of the above is no then part exchange is unlikely to be your best option. Where a developer offers part exchange they buy your house usually at less than you would get in a private sale and then they sell it on after you have moved out. It gives you the security of not worrying about your sale falling through but at a financial hit. There is usually a clause to qualify along the lines of your new property having to cost X% more than the house you are part exchanging because the developer is protecting themself from a financial loss.Officially in a clique of idiots0 -
Is your current house leasehold or freehold. The houses on my estate are caught in what they are calling the national leasehold scandal.
They were built by Taylor Wimpey who instigated a doubling ground rent lease - my neighbour asked to part exchange with another Taylor Wimpey property and they refused to accept their own property because of the lease0 -
Yes, TW do offer part exchange, they started to build bigger houses just couple minutes away, it suppose to be the same development.
In my opinion, the houses sell well, even though its a new development, a lot of people want to live here, as its a great place to be
Is that mean that if they sell it for less than we could as private seller, we will need to put another deposit as its more expensive house we would like to get?
Thank you0 -
Our house is a freehold and the land which the house stand on belongs to us. Is that what you mean?0
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They will offer you a really low offer so to sell your house on fast, Will you need to use HTB for your new house I believe you cannot do both Help to Buy and PX0
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Part Exchange basically means you sell your house to a developer who then immediately markets and sells your house to another party. They do tend to offer less than market value but it doesn't always happen.
I paid £200k for my original house and sold it to the developer for £175k (five years after buying).
Interestingly the developer sold the house for £166k so they lost money on it. It has had the negative affect of ruining property value in the street and no one has managed to sell their house in the four years since.
I was happy with the £25k loss as the house I was moving to was my forever home and my last mortgage valuation had it at £450k which is £140k more than I paid. Meaningless unless I sell for this value of course.0 -
Th3_Ripper wrote: »Part Exchange basically means you sell your house to a developer who then immediately markets and sells your house to another party. They do tend to offer less than market value but it doesn't always happen.0
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