New Build Part Exchange scheme

housebuyer219

Evening all ,
has anyone used any of the new build part exchange schemes before? (They buy your house so you can buy theirs!) long story short but we are struggling to sell our flat, been on market for nearly 10months with 2 sales fallen through and we are desperate to move on.

smaa84

We used Barratts part exchange for our new build. Was a life saver as this was during covid and all building sites got shut down. However as we were part exchange we didn’t have to move out until our new build was ready which was a full 10months after original completion date. Price was fair they sent over 3 estate agents and averaged the price they estimated. 

RelievedSheff

We used David Wilson's (Barratt Homes) part exchange scheme. 

We got a really fair price for our existing house plus a brilliant package of extras on the new house. The new house was ready to move into so from reservation to completion was 3.5 weeks.

They marketed and sold our old house while we were still in it.

They got three valuations on our old house a local agent, a DWH representative and a RICS surveyor and we ended up getting the higher of the 3 valuations which was the DWH representatives valuation. We ended up getting 90% of the open market value. The difference was more than made up in the extras package we got with £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.

As it happens our house sold really quickly within a couple of days of marketing but we still opted for part exchange because it meant we could move into our new home incredibly quickly.

housebuyer219

smaa84 said:

We used Barratts part exchange for our new build. Was a life saver as this was during covid and all building sites got shut down. However as we were part exchange we didn’t have to move out until our new build was ready which was a full 10months after original completion date. Price was fair they sent over 3 estate agents and averaged the price they estimated. 

Thanks for the insight ! Do Barrats themselves buy your current property or do they just market it on your behalf ?

housebuyer219

RelievedSheff said:

We used David Wilson's (Barratt Homes) part exchange scheme. 

We got a really fair price for our existing house plus a brilliant package of extras on the new house. The new house was ready to move into so from reservation to completion was 3.5 weeks.

They marketed and sold our old house while we were still in it.

They got three valuations on our old house a local agent, a DWH representative and a RICS surveyor and we ended up getting the higher of the 3 valuations which was the DWH representatives valuation. We ended up getting 90% of the open market value. The difference was more than made up in the extras package we got with £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.

As it happens our house sold really quickly within a couple of days of marketing but we still opted for part exchange because it meant we could move into our new home incredibly quickly.

Thanks for the insight! Do you know if they would have bought your current property themselves or do they just market it to the open market? My worry is we haven’t been able to find a buyer ourselves on the open market for around 10months so not sure how they would manage it , unless they buy it themselves ?

silvercar

housebuyer219 said:

RelievedSheff said:

We used David Wilson's (Barratt Homes) part exchange scheme. 

We got a really fair price for our existing house plus a brilliant package of extras on the new house. The new house was ready to move into so from reservation to completion was 3.5 weeks.

They marketed and sold our old house while we were still in it.

They got three valuations on our old house a local agent, a DWH representative and a RICS surveyor and we ended up getting the higher of the 3 valuations which was the DWH representatives valuation. We ended up getting 90% of the open market value. The difference was more than made up in the extras package we got with £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.

As it happens our house sold really quickly within a couple of days of marketing but we still opted for part exchange because it meant we could move into our new home incredibly quickly.

Thanks for the insight! Do you know if they would have bought your current property themselves or do they just market it to the open market? My worry is we haven’t been able to find a buyer ourselves on the open market for around 10months so not sure how they would manage it , unless they buy it themselves ?

They buy it from you at an agreed price and then sell it cheaper themselves. Probably at a price you wouldn't expect. They make up this loss by selling your new home to you at a price higher than they would otherwise pay. You are prepared to accept this price because you are relieved to actually be moving and you see the price you are paying as the list price of the new place. In actuality, buyers of the new place without a part exchange could probably get some discount/ some freebies thrown in/ a better plot. Your happy. They are happy as they have sold another unit and the "on paper" price you are paying holds up well as a comparison for buyers of other plots on the development. 

RelievedSheff

housebuyer219 said:

RelievedSheff said:

We used David Wilson's (Barratt Homes) part exchange scheme. 

We got a really fair price for our existing house plus a brilliant package of extras on the new house. The new house was ready to move into so from reservation to completion was 3.5 weeks.

They marketed and sold our old house while we were still in it.

They got three valuations on our old house a local agent, a DWH representative and a RICS surveyor and we ended up getting the higher of the 3 valuations which was the DWH representatives valuation. We ended up getting 90% of the open market value. The difference was more than made up in the extras package we got with £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.

As it happens our house sold really quickly within a couple of days of marketing but we still opted for part exchange because it meant we could move into our new home incredibly quickly.

Thanks for the insight! Do you know if they would have bought your current property themselves or do they just market it to the open market? My worry is we haven’t been able to find a buyer ourselves on the open market for around 10months so not sure how they would manage it , unless they buy it themselves ?

They bought our property and then resold it.

Our purchase of the new build was in no way reliant in them selling our old house.

RelievedSheff

silvercar said:

housebuyer219 said:

RelievedSheff said:

We used David Wilson's (Barratt Homes) part exchange scheme. 

We got a really fair price for our existing house plus a brilliant package of extras on the new house. The new house was ready to move into so from reservation to completion was 3.5 weeks.

They marketed and sold our old house while we were still in it.

They got three valuations on our old house a local agent, a DWH representative and a RICS surveyor and we ended up getting the higher of the 3 valuations which was the DWH representatives valuation. We ended up getting 90% of the open market value. The difference was more than made up in the extras package we got with £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.

As it happens our house sold really quickly within a couple of days of marketing but we still opted for part exchange because it meant we could move into our new home incredibly quickly.

Thanks for the insight! Do you know if they would have bought your current property themselves or do they just market it to the open market? My worry is we haven’t been able to find a buyer ourselves on the open market for around 10months so not sure how they would manage it , unless they buy it themselves ?

They buy it from you at an agreed price and then sell it cheaper themselves. Probably at a price you wouldn't expect. They make up this loss by selling your new home to you at a price higher than they would otherwise pay. You are prepared to accept this price because you are relieved to actually be moving and you see the price you are paying as the list price of the new place. In actuality, buyers of the new place without a part exchange could probably get some discount/ some freebies thrown in/ a better plot. Your happy. They are happy as they have sold another unit and the "on paper" price you are paying holds up well as a comparison for buyers of other plots on the development. 

Not always. It very much depends how sales are going on the development.

We paid less for our plot, and got more extras thrown in than others who bought the same house type on the same road without part exchange.

Jorgus88

RelievedSheff said:

silvercar said:

housebuyer219 said:

RelievedSheff said:

We used David Wilson's (Barratt Homes) part exchange scheme. 

We got a really fair price for our existing house plus a brilliant package of extras on the new house. The new house was ready to move into so from reservation to completion was 3.5 weeks.

They marketed and sold our old house while we were still in it.

They got three valuations on our old house a local agent, a DWH representative and a RICS surveyor and we ended up getting the higher of the 3 valuations which was the DWH representatives valuation. We ended up getting 90% of the open market value. The difference was more than made up in the extras package we got with £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.

As it happens our house sold really quickly within a couple of days of marketing but we still opted for part exchange because it meant we could move into our new home incredibly quickly.

Thanks for the insight! Do you know if they would have bought your current property themselves or do they just market it to the open market? My worry is we haven’t been able to find a buyer ourselves on the open market for around 10months so not sure how they would manage it , unless they buy it themselves ?

They buy it from you at an agreed price and then sell it cheaper themselves. Probably at a price you wouldn't expect. They make up this loss by selling your new home to you at a price higher than they would otherwise pay. You are prepared to accept this price because you are relieved to actually be moving and you see the price you are paying as the list price of the new place. In actuality, buyers of the new place without a part exchange could probably get some discount/ some freebies thrown in/ a better plot. Your happy. They are happy as they have sold another unit and the "on paper" price you are paying holds up well as a comparison for buyers of other plots on the development. 

Not always. It very much depends how sales are going on the development.

We paid less for our plot, and got more extras thrown in than others who bought the same house type on the same road without part exchange.

How did you manage to secure all those additional benefits? I'm quite introverted and often find negotiations challenging. Any advice would be appreciated!

RelievedSheff

Jorgus88 said:

RelievedSheff said:

silvercar said:

housebuyer219 said:

RelievedSheff said:

We used David Wilson's (Barratt Homes) part exchange scheme. 

We got a really fair price for our existing house plus a brilliant package of extras on the new house. The new house was ready to move into so from reservation to completion was 3.5 weeks.

They marketed and sold our old house while we were still in it.

They got three valuations on our old house a local agent, a DWH representative and a RICS surveyor and we ended up getting the higher of the 3 valuations which was the DWH representatives valuation. We ended up getting 90% of the open market value. The difference was more than made up in the extras package we got with £10k deposit contribution, stamp duty paid, legal fees paid, moving costs contribution and free flooring throughout.

As it happens our house sold really quickly within a couple of days of marketing but we still opted for part exchange because it meant we could move into our new home incredibly quickly.

Thanks for the insight! Do you know if they would have bought your current property themselves or do they just market it to the open market? My worry is we haven’t been able to find a buyer ourselves on the open market for around 10months so not sure how they would manage it , unless they buy it themselves ?

They buy it from you at an agreed price and then sell it cheaper themselves. Probably at a price you wouldn't expect. They make up this loss by selling your new home to you at a price higher than they would otherwise pay. You are prepared to accept this price because you are relieved to actually be moving and you see the price you are paying as the list price of the new place. In actuality, buyers of the new place without a part exchange could probably get some discount/ some freebies thrown in/ a better plot. Your happy. They are happy as they have sold another unit and the "on paper" price you are paying holds up well as a comparison for buyers of other plots on the development. 

Not always. It very much depends how sales are going on the development.

We paid less for our plot, and got more extras thrown in than others who bought the same house type on the same road without part exchange.

How did you manage to secure all those additional benefits? I'm quite introverted and often find negotiations challenging. Any advice would be appreciated!

We didn't try all that hard.

We played it on a bit when the part exchange valuation came back a bit lower than expected that it was going to leave things very tight and they threw in a few extras at that point.

We found it helpful that we got on well with the sales person for the site. He was nice with us so we were overly nice with him and he helped us out where he could with the extras. 

He let slip that they have  pot of money for extras for each plot.

aimeeraeside91

@RelievedSheff amazing to read. I’ve just been offered PART EX but told they can’t give me 5% deposit contribution along side it and I didn’t know if that was true or not