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Part-exchanging with Redrow or Wimpey
angelfishmwah
Posts: 11 Forumite
Hi everyone
sorry I have seen some posts similar to this but none of them quite answered my questions!!
I have had my house on the market since 28 June 2007, ended up signing up a 2nd agent (therefore pushing up my fees if they sell it), have dropped price from £150k to £146500 to now only £137k. This is still more than we have a mortgage for and more than we paid so theoretically we have equity. We've both moved out and are lodging with family (apart) as we are already working in our new area - we never expected the house to take so long to sell, it was just before the market changed. 30+ viewings done and no bad feedback but no purchaser or even an offer. It's a lovely house!
Basically am now at complete end of tether with the whole situation and we are looking at the weekend at some new builds, most promising of which are Redrow and Wimpey. We'll be upgrading by at least 30% and I've cleared this with my mortgage broker. what we want to do is part-ex our current house to get rid finally!! Health and happiness more important than profit right now.
I know all the disadvantages of new builds and we're happy to take the plunge having lived in one before as renters and being aware of the snagging issues (we didn't experience any but our neighbours did).
My q's are:
Does the fact it is already on the market mean they won't want to part-ex?
Do I still have to pay a deposit if we are part-ex'ing, I believe it is mortgage brokers who require deposits not the homebuilder??
We should make some equity on the house, can we release this while part-ex'ing, as the mortgage company only see the house as worth what our mortgage is????
We had some work done on the house a year ago (penetrating damp, as it is a victorian house on a hill, some of the front wall is sub-ground level on the exterior), and I have a 25 year guarantee, but I think there is a bit of damp coming through again, will this mean they won't take the house?? As there is a guarantee it would take no money to sort it out. But if they say no and I then offer to sort the work myself (a ball-ache as we are not in the area) would they then take it?
Do i still need a survey?
If I part-ex will I miss out on all the other incentives??
Has anyone part-exchanged recently with Redrow and Wimpey and if so how did it go?
help!!!!
sorry I have seen some posts similar to this but none of them quite answered my questions!!
I have had my house on the market since 28 June 2007, ended up signing up a 2nd agent (therefore pushing up my fees if they sell it), have dropped price from £150k to £146500 to now only £137k. This is still more than we have a mortgage for and more than we paid so theoretically we have equity. We've both moved out and are lodging with family (apart) as we are already working in our new area - we never expected the house to take so long to sell, it was just before the market changed. 30+ viewings done and no bad feedback but no purchaser or even an offer. It's a lovely house!
Basically am now at complete end of tether with the whole situation and we are looking at the weekend at some new builds, most promising of which are Redrow and Wimpey. We'll be upgrading by at least 30% and I've cleared this with my mortgage broker. what we want to do is part-ex our current house to get rid finally!! Health and happiness more important than profit right now.
I know all the disadvantages of new builds and we're happy to take the plunge having lived in one before as renters and being aware of the snagging issues (we didn't experience any but our neighbours did).
My q's are:
Does the fact it is already on the market mean they won't want to part-ex?
Do I still have to pay a deposit if we are part-ex'ing, I believe it is mortgage brokers who require deposits not the homebuilder??
We should make some equity on the house, can we release this while part-ex'ing, as the mortgage company only see the house as worth what our mortgage is????
We had some work done on the house a year ago (penetrating damp, as it is a victorian house on a hill, some of the front wall is sub-ground level on the exterior), and I have a 25 year guarantee, but I think there is a bit of damp coming through again, will this mean they won't take the house?? As there is a guarantee it would take no money to sort it out. But if they say no and I then offer to sort the work myself (a ball-ache as we are not in the area) would they then take it?
Do i still need a survey?
If I part-ex will I miss out on all the other incentives??
Has anyone part-exchanged recently with Redrow and Wimpey and if so how did it go?
help!!!!
0
Comments
-
I just wanted to wish you well with this.
I have been stuck with my house on the market since May 07 and are also looking at part ex. Our house is on the market at £95k and have been offered £83k part ex. We are trying to negotiate on their asking price.... (waiting a week and getting no where fast!)
The only way to know if they will offer any other incentives is to ask I suppose - but generally it looks like they either offer one incentive or another (but I have seen some firms who offer multiple incentive - guess it depends how keen they are to shift the properties).
I think you do still need a survey as this is usually a requirement of the lender to make sure your house is sound - but I could be wrong where new builds are concerned....
Anyway - someone who knows more than me will give you some more answers hopefully! But just be prepared for a low offer on your house
Good Luck!You're my wife now Dave.......0 -
update - I have just had the offer on my house upped to £87k - so I'm on my way to a new home!!!
Good Luck again!!You're my wife now Dave.......0 -
Congratulations on getting a better offer! We have now started the process wth Wimpey, they're valuing the house this week we hope, so fingers crossed. we have stressed that we can't go below a certain figure and they're desperate to get the house sold as the previous buyer fell through, so maybe this will be our lucky break?? We've fallen in love with the house, which is fully built and has lots of upgrades free!
Fingers crossed for you and us!0 -
Yes - everything is crossed for both of us and any other poor people who are desperate to move. If only it were as simple as waiting for the right time to sell - some of us really don't have much choice! I think this past 8 months has been a terrible time for selling. We have 3 children (2 babies) in a 2 bed terrace and soon the youngest will need her own cot - imagine 2 cots in your bedroom - its bad enough with a cot and a crib!
Let me know how you get on!
Best Wishes JoJoYou're my wife now Dave.......0
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