Part Exchange

Trading Places

The advantages of part exchanging your current property for a brand new home.

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Buying and selling a home can be a stressful experience, especially if you are caught in a long chain and are constantly worried that a link in the chain may fall through, leaving you in what can often be a time-sensitive and difficult situation. For many people who opt to buy a new home the chance of part exchanging their existing property for a new one through the developer is very tempting indeed. It takes all the worry out of the sale and purchase and will speed up the transaction so you can move in quickly at a timescale to suit you. Many new home builders offer a part exchange scheme and the terms and conditions do vary but in general terms this is designed for people moving 'up the ladder' with most builders requiring a minimum differential in value between the home you are buying and the one you hope to part exchange. The offer made for your current property will be based on a market valuation and, in some instances may be slightly lower than you may achieve through a private sale although you should bear in mind that you will be saving on estate agents fees and will be able to plan your move to suit your needs. If your reason for moving is to be closer to a new school or place of work for example, the fact that you have an assured moving date will be reassuring. When the property market is slow with restricted credit facilities for buyers, to part exchange your property for a new home is definitely an excellent option.

Many developers will offer a part exchange deal - here are a few examples:

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TAYLOR WIMPEY PART EXCHANGE

Taylor Wimpey

Part exchange is available on selected properties at Taylor Wimpey developments throughout the country. You will need to trade up from your existing property, and the value of your home should be no more than 70% of the new Taylor Wimpey home that you are interested in buying. Taylor Wimpey will arrange for a minimum of two selling agents to carry out valuations on your existing home and you will then receive an offer. If you agree the offer price your provisional reservation on your new home becomes a full reservation.

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MILLER HOMES PART EXCHANGE

This initiative allows buyers to swap their current home for one of Millers whether they are looking to upsize, downsize or swap like for like. Once you have found a new Miller home you want to buy and they have confirmation that your existing property qualifies for Home Exchange, Miller Homes will guarantee to buy your old property, based on independent valuations. A detailed Valuation Report supports all the offers so you can be sure the price you are quoted reflects your home's value. Once you have agreed the price, Miller homes will then take over the selling of your existing property.

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PERSIMMON HOMES PART EXCHANGE

PART EXCHANGE - They will arrange the valuations, agree a price and then market the property on your behalf using their contacts and expertise. There are no selling fees involved.

ART EXCHNAGE PLUS - Persimmon arrange for at least two valuations, agree a market price with you and then buy your existing property.

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BARRATT HOMES PART EXCHANGE

For anyone who wants to buy a new Barratt home and part exchange their existing property. you simply choose your new home and the sales advisor will explain the criteria, which you current home has to meet to qualify for the part exchange scheme. If it does, the part exchange manager will then be informed. Barratt will then make you an offer subject to a homebuyer's survey and all the searches being completed. If you are happy with the offer, you can reserve your chosen Barratt home and Barratt are then responsible for selling your old home. You can stay in your old home until your new home is ready to move in to as long as you allow viewings at convenient times.

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