Part Exchange allows people to trade in their current home as part payment for a new home. Put simply, the developer building your new home becomes a cash buyer for your current property, meaning you are able to purchase one of their homes quicker and easier. The home builder will then sell your old property on your behalf.
Part Exchange is a great option for people wanting to move up the property ladder but who cannot sell their current property, or for those who simply don't have the time to sell their home on the open market.
Once you have found your new home you will need to book an appointment with the house developer to determine if your current property qualifies for their part exchange scheme. You will need to provide an approximate value for the property and its location. Providing it qualifies, you will be able to reserve your home there and then.
Your home developer will arrange and pay for a least two independent valuations of your current property to determine its selling price.
Once your valuations have been done, your home builder will make you a verbal offer for your present home and later confirm this offer in writing. Once the offer is agreed your new home will be officially reserved.
As soon as the offer is accepted and your new home is reserved, both parties will instruct their solicitors and legal team to arrange a survey and complete all of the legal aspects of transferring ownerships of the two properties. Once contacts are exchanged you will be able to move into your new property.