Taylor wimpey part exchange

Mustlovedogs

Currently waiting on valuations to see if a part exchange is possible with taylor wimpey. Our house is top end of the 70% rule and the first salesperson was less than optimistic (discouraging in fact). She insinuated that we were likely to be offered £80,000 under market value, which just seems ridiculous (how would that be achievable for most people)...we almost didn't return. When we did we spoke to others who were far more helpful and consequently our house is being valued this week. I know I won't know until they come around, but has anyone been in the situation where their house is top end of the 70% rule? I mean being at top end of that which we would be happy with as an offer, is still 24k under market value....the whole thing makes me anxious. Any advice or reassurance appreciated 

Bigphil1474

The max they will part ex is 70% of the value of the property you are buying. If your house is worth more than that, then you either accept a lower offer or buy a more expensive house. If you are happy with the offer, accept, if not, don't/ I would think it's highly unlikely they will waive the rule about the 70%. It can't be at the top end of the 70% rule - it's either above or it isn't.

Albermarle

Bigphil1474 said:

The max they will part ex is 70% of the value of the property you are buying. If your house is worth more than that, then you either accept a lower offer or buy a more expensive house. If you are happy with the offer, accept, if not, don't/ I would think it's highly unlikely they will waive the rule about the 70%. It can't be at the top end of the 70% rule - it's either above or it isn't.

Of course the other alternative is to sell the property on the open market. More hassle than part exchange, but if that means £25K to £50K lost, than that is a lot of money.

Mustlovedogs

Bigphil1474 said:

The max they will part ex is 70% of the value of the property you are buying. If your house is worth more than that, then you either accept a lower offer or buy a more expensive house. If you are happy with the offer, accept, if not, don't/ I would think it's highly unlikely they will waive the rule about the 70%. It can't be at the top end of the 70% rule - it's either above or it isn't.

Thank you, yes I understand. The 'top end of the 70% rule' was something that came out of the sales executives mouth on site. My response was the same, it's either in or it isn't....but it is within. 

Mustlovedogs

Albermarle said:

Bigphil1474 said:

The max they will part ex is 70% of the value of the property you are buying. If your house is worth more than that, then you either accept a lower offer or buy a more expensive house. If you are happy with the offer, accept, if not, don't/ I would think it's highly unlikely they will waive the rule about the 70%. It can't be at the top end of the 70% rule - it's either above or it isn't.

Of course the other alternative is to sell the property on the open market. More hassle than part exchange, but if that means £25K to £50K lost, than that is a lot of money.

Thank you, yes agreed, will see what they come back with I guess!