For house buyers, it can be very frustrating to see your much wanted new home slip through your fingers due to being stuck in a long chain. If you have found your desired house but can’t seem to sell your old home, part exchanging could be the way forward.
Most people wouldn’t think twice about trading in their old car for a new one so why can’t this principle be applied to houses? However, it is important to understand exactly how it works to ensure you receive the best deal:
•It is most commonly done with new developments as it is often quicker and more convenient to sell your home to the development company. You can expect to receive around 85-90% of the market value of your home which will be based on the average valuation of two independent agents. After the necessary surveys have been carried out, the developer will buy your house and you are then able to put an offer in for your new home.
•It is also possible to part exchange on older properties. This tends to be less common due to the unlikelihood of matching buyers and sellers that both want what the other is offering.
•New build developers want to sell their properties. They therefore need to offer a fair price for your existing property in order for part exchanging to become an attractive option. Each developer will have their own rules governing what properties they will offer on and their terms so you will need to speak to them directly to find out what these are and to check you are eligible. If everything goes according to plan, you could be sitting comfortably in your new home quickly and with minimal stress.