If your current property qualifies, we’ll make you an offer on your existing home, based on two independent valuations*. Your property may have to have a minimum term left on the lease (around 80 years). You also remove the worry that your buyer could pull out or that your chain could fall through. If you are interested in part exchange your home contact a sales advisor at your chosen development for further information and details on availability. There are no seller’s fees, and we’re the only regulated quick sale company. At this point, an agreement to buy or sell a property becomes legally binding: once the buyer and the seller have exchanged contracts, they can't back out … The value of your property should be no more than 70% of the value of your new Story home. Part exchange is one of a number of marketing ploys used by developers; others include paying buyers' stamp duty, providing white goods or paying moving costs. Part exchange basically means using your current home as part-payment for a new home, often through a developer or builder. If the developer won’t budge on the sale price, see if you can negotiate any other benefits. But being prepared with the right questions will go a long way to helping put yourself in a good place to make informed decisions. Buying a part-exchange property means trading in your current property and getting a part-payment towards a new build property. As the developer is buying your home there’s no chance of other people collapsing the chain. Lots of major housebuilders offer this option, but how does Part Exchange work? What costs are involved in the part exchange scheme? http://www.theaudiopedia.com What is PART EXCHANGE? This will be subject to survey. This is beneficial for the property developer because they are guaranteed a buyer for one their new build houses and it’s beneficial for you as you’re guaranteed a hassle-free sale and a move to new build property. Will they supply white goods or carpets? Your current home will be valued. Part Exchange can be an easy and simple way to buy a new build home. Firstly, there is a chance that you will get less for your existing property than you would if you sold it through traditional means. They will commission two local estate agents to come and value your property – this will be a selling price and will be around 65% of the market value. Have you considered buying a Part Exchange property from the UK's new home housebuilders? Exchange of contracts is when the two legal firms representing the buyer and seller swap signed contracts, and the buyer pays a deposit. The valuation will be carried out on your existing home. 11. a the system by which commercial debts between parties in different places are settled by commercial documents, esp. There are a number of property developers offering this option. Part Exchange also speeds up the buying and selling process. This significantly opens up the window of opportunity and makes part exchanging a viable option for a greater number of people. You may need to pay a reservation fee or deposit to secure your new home. The developer will arrange for your existing home to be valued. Shared Ownership - everything you need to know about the scheme. Part Exchange is only available up to a maximum value of £200,000^ for your current property. The costs of Part Exchange are least partially offset by not having to pay estate agent fees and legal costs. And what are the pros and cons of Part Exchange? When you exchange contracts, you can be asked to pay a 10% deposit. All your questions about the government's Shared Ownership scheme answered. Therefore, in many new build house purchases completion is on notice. Part exchange definition: If you give an old item in part exchange for something you are buying , the seller... | Meaning, pronunciation, translations and examples You can only part exchange if you already own a property, so it’s not an option for first-time buyers.