part exchange house buying

kckalli

Hi all!

Newbie here, we are due to move to a different county and our house is currently up for sale. I have a new job in the new county and am due to start this in April, but we still have our house to sell with no offers and fairly little interest (though i appreciate it is a hard time of year in terms of house selling and buying). 
The place we would ideally like to buy is a new housing estate and as incentive they could offer us part exchange, do any of you have experience with this and is it worth considering? 

Becksie11

I’m currently in the process of selling my house (9yr old) as a px. 

It’s been easy enough so far, had 3 independent valuations, my house was up of sale and we had an offer which fell through. 

They came back with an offer which we rejected and in the end haggled £5k off the guide price which we originally had listed so by losing estate agents fees we are about £1k down and then negotiated 40k off the new build. 

Just waiting to exchange now, my advice would be never accept what they offer at first and be prepared to walk away. Our builder knew this from the start with us. 

dimbo61

So speak to the developer as they may well be interested in a sale to you and will take your home in part EX 

RelievedSheff

We part exchanged our old house against our current new build and found it to be a very trouble free process. From reserving the plot to moving in took 3.5 weeks but the house was already completed and ready to go.

We got 90% of the open market value for the house but that was not the whole story. We also got a £10k deposit contribution (which took us to 100% market value for the old house), stamp duty paid, moving costs contribution, legal fees paid and free flooring throughout.

We were very happy with the deal and would certainly part exchange again if the need arose. Although we have no intention of moving from this house. We love it.

eddddy

kckalli said:

....we still have our house to sell with no offers and fairly little interest 

Just one thing to be a little cautious about... I've heard of one or two estate agents who try to claim their fee, if you start arranging a p/x deal during their sole contract period.

For example, if you have a "sole selling rights contract" the EA gets a fee for any buyer introduced to the purchase during the "sole selling rights contract period".

So the EA might claim that you introduced the developer to the idea of p/x during their contract period.

kckalli

That's really helpful guys, thank you so much!