Part exchange homes are an opportunity to aid next time buyers that are currently unable to find a buyer for their existing home. Certain property companies will buy your property from you, so that you can move into a new build sooner.
Apart from the aforementioned fact that buying and selling is possible in a quick and easy manner, there are also no chains and no extra fees to pay to estate agents as well as valuations carried out and most part exchange are offered within seven days.
Step by Step Process
This step by step guide will help you understand exactly what you will go through if you choose to go forward with a part exchange of your home.
The first step is to look over the houses available and select whichever suits your idea of an ideal home. It should be noted that certain policies for part exchange homes require your current home to be valued at no more than 70% of the value your next home is at.
Following that, property companies will then instruct local estate agents to value your existing home. Once all those involved are satisfied with the agreed value of the house and that it meets the criteria of the Part Exchange scheme, then property companies will make you an offer.
These housebuilders will then conduct a homebuyer’s survey which will be carried out, along with a member from the management team to visit the property for sale. Once the representative is entirely satisfied, the legal process will commence.
The next step is for the appointed estate agent to place the home onto the market. You on the other hand will be required to leave a full set of keys with one of the appointed agents. In order to speed up the part exchange process, it is highly recommend that you use a solicitor familiar with part exchange properties and a good mortgage broker. Once all of this is underway, you can then safely proceed with the purchase of your new home.
The final stage of this process is to pay a reservation fee, such a fee can be anywhere between £500 and £1000 (although reservation fees may vary). If you are keen to move into a new home immediately and do not want the additional stress and strain of trying to sell your existing property, where you will inevitably find yourself in part of a chain process, then part exchange home moving could be the best option for your specific needs.