New build - sell old house before you can offer?

RelievedSheff

Doozergirl said:

RelievedSheff said:

We part exchanged our old house against the new build we bought. It was by far the easiest route for us and we got a cracking deal on the house. From reserving the already competed plot to moving in was just 3.5 weeks.

Some developers also offer an assisted sales scheme where they allow you to reserve the plot and help you sell your existing property. 

This sounds like an absolute dream!  I wish the whole process was simpler in general here.  

It was quite possibly the most simple and stress free property transaction there could be.

We got 90% of the open market value on our old house which was £90k for a £100k house. But then the developers gave us a £10k deposit contribution, paid the stamp duty, paid our legal fees and gave us a £500 moving costs contribution. Add to that we had no estate agents fees to pay and the plot we bought had already been heavily discounted (we paid £210k whereas previous plots had sold for £225-235k) and coupled with the very quick move we were very happy with the deal.

The developers marketed our old house while we were still in it and managed to sell that very quickly. It went onto the market on the Friday afternoon and after six sets of viewings over the weekend there were five offers on the table Monday morning and it was taken off the market and under offer by Monday afternoon. It was very odd showing people around a house that was technically not ours to sell!!

We are 18 months in our new house now and we are still over the moon with it. There have been minor snags as with any new build, in fact the last were sorted out yesterday, but we couldn't be happier with the house, the plot and the location. We bought fairly early in the development and it has been nice to see the estate grow up and become a great friendly location.

bucksbloke

Some larger developers will have an assisted mover or part exchange incentive for non FTBs. I think at the moment you are more likely to find assisted moves rather than part exchange.  They get your house valued by 3 estate agents and ask you to market priced to sell within 28 days and then pay your estate agents bill. We traded up from one house to another on the same estate using such a scheme. It was great for us. 

Racky_Roo

I think it depends on the developer and how long it will be until the property is ready for completion, I'm buying a new build. I reserved and paid £1000 deposit by showing I could port my existing mortgage and the equity in my existing property made up the balance. I then needed to be under offer with my property at least 12 weeks before estimated completion date which worked out ok, if not, it said the property would be remarketed. Of course the build ended up delayed and so it's looking like it's going to be more like 14/15 weeks from me accepting my offer to completing on the sale of my old property and purchase of the new place and there were no rules on 28 day exchange thankfully