Part exchange with new build- persimmon

Mrsfolan

Morning!
We sold our house in April for £285k (was on market for £295k), then on exchange day last week our buyer pulled out! We need to be in new town for school to start in September 😬
So we are looking at part exchange, found a house we like with persimmon, it’s completed but their buyer had to pull out last minute, so we would get no choices etc as it’s literally ready to move into.
Had 2 evaluations done through their chosen estate agents, who said they will suggest £285-295k as market value, £275k to sell quickly. They are due to come back to us with figure tomorrow, am I being optimistic to want £275?
Also house we want to buy is £295, they like there to be 30% difference between properties which will never happen for us which they know.
Question is has anyone been accepted if new property isn’t much more expensive and do you think I could negotiate on new build? Thinking of offering £290 and want stamp duty paid...
It’s a huge development (8 years worth), not selling that well and a new development is about to start over the road.
Thanks for reading

InDebted2U_2

I'm interested in doing part-exchange too, as a quick and easy way of moving home/area, but also couldn't possibly do a 30% difference (most would be 14%), so I'd like to know the answer to this too.

RelievedSheff

We recently part exchanged against a ready to move into new build with David Wilson Homes.

They gave us a very fair price for our old home (£90k. we could have sold privately for about £95k) against their new build which was reduced to £209,995. We got stamp duty, legal fees and some moving costs fees thrown in as well.

None of that helps you but they did tell us that their policy is that the new build has to be at least 30% more expensive than the trade in property.

Also their part exchange offer is based on the market value to sell the house within 6 weeks. So you won't get offered the full amount that the house has been valued at.

jennhg88

Depends how desperate they are for you to take the newbuild. We part ex'd with charles church (now part of persimmon) and they were strict on the at least 30% difference but it was fine for us.
They will price your sale property to try and sell within two weeks so may even offer 270 or under.

Mrsfolan

Indebted2you I’ll let you know what they say, I think it’s dependant on your house price, they won’t buy a house over £275k apparently but 30% is a massive jump we’re as if your house was say £100k it wouldn’t be as big.
I’m hoping they wouldn’t have even sent estate agents if it was a firm no as they know our affordability as well we had to discuss with their mortgage advisor before doing anything else. X

Mrsfolan

It’s difficult because our current house is so expensive that we could never get a mortgage for £350k!
I’m hoping they wouldn’t have wasted the ea time if they knew wouldn’t afford 30% more

Mrsfolan

I’ve worked out what we could afford on theirs if they offer us between £265 and £275, so I know what our availability is! Fingers crossed

RelievedSheff

Mrsfolan wrote: »

I’ve worked out what we could afford on theirs if they offer us between £265 and £275, so I know what our availability is! Fingers crossed

I would set your sights a little lower then that!

I personally think they will come in at about the £250k mark.

But you have to weigh up other costs as well. You won't have estate agents fees to pay, no legal fees for the sale of your property, pretty sure they will do a deal with stamp duty, etc.

So it isn't the headline part exchange offer that matters but the whole deal that they can offer.

We came out very well with our deal when you add up the costs we could have had selling privately instead.

LittleMrsThrifty

RelievedSheff wrote: »

I would set your sights a little lower then that!

I personally think they will come in at about the £250k mark.

But you have to weigh up other costs as well. You won't have estate agents fees to pay, no legal fees for the sale of your property, pretty sure they will do a deal with stamp duty, etc.

So it isn't the headline part exchange offer that matters but the whole deal that they can offer.

We came out very well with our deal when you add up the costs we could have had selling privately instead.

This is really good advice.

jennhg88

Will still have to pay legal fees

RelievedSheff

jennhg88 wrote: »

Will still have to pay legal fees

We didn't have to pay legal fees on the sale of our old property only in the purchase of the new one.

We used David Wilsons recommended solicitors for this and got a discounted rate on their fees as well which worked out really well.