When you’ve found that perfect new home, but still have a property to sell, you can use part exchange to make sure that dream home becomes your own.
Getting a Part Exchange offer is free, and there’s no obligation whatsoever. Some of the benefits include:
- Speed: Property part exchange can be timed to suit your deadlines, whether needing to complete immediately or wait until your new home is ready to move into.
- Security: Once you’ve received a formal offer, the sale is guaranteed. We have significant cash funds available so no danger of the sale being held up or falling through.
- Ease: Part exchange takes away the anxiety of selling – there’s no viewings to arrange, no negotiations with estate agents and no worries about sales falling through.
- Flexibility: Part exchange works around the timescales of both the buyer and the developer. We even offer a ‘licence to occupy’ once the sale has gone through, to allow the buyer up to a further week to move their belongings.
- Support: A dedicated part exchange consultant will support and guide the customer through each step of the process, taking away the normal stress of buying and selling a home.
- Budgeting: Knowing exactly how much they’re selling their property for (and the date they’ll receive the funds) means they can plan their move accurately, relieving any financial pressure and uncertainty.
Here’s how the process works:
1. Application: Advise the marketing agent that you’re interested in receiving an offer for your property and complete an application.
2. Valuation: We’ll arrange for two independent local estate agents to visit your property and provide a valuation to us.
3. Offer: We’ll assess the property, making you the best offer we possibly can.
4. Legals and Survey: If the offer is acceptable to you, we’ll arrange an independent solicitor for you free of charge, or give you £500 towards your own solicitor’s costs. We may also arrange for a surveyor to check the property is structurally sound.
5. Completion: Funds are transferred, contracts exchanged and the legal process is complete.
6. Moving Day: Move in as soon as we’ve completed.
Many buyers have used this process to remove the risk of losing out and there are a number of situations where Part Exchange could be right for you:
1. You’ve reserved late in the build progress.
To be able to reserve during the final stages of the build, or when the build is complete, you need to be in a proceedable position. This means having any existing property that needs to be sold, under offer, in order to fund the move. Accepting a part exchange from ourselves means we can coordinate the purchase of your existing property with the completion date on the new build.
2. You’ve reserved and lost your buyer.
In the UK* around 28% of property transactions fall through before completion. If this were to happen to you at a late stage in the purchase process, you could lose your new home. Obviously you have some grace period to allow you to proceed to exchange, but if you cannot find a new, proceedable buyer quickly, part-exchange can solve the problem. It un-breaks the chain, and allow you piece of mind that your new home purchase is protected by the guaranteed purchase of your existing one.
3. You don’t want the worry, uncertainty and hassle of managing the timings yourself.
Coordinating a house sale in sync with your new home purchase can be stressful, time consuming and ultimately, costly. In fact, research has shown that moving home was the most stressful life event for 61% of people*. All this can disappear with part-exchange, where we coordinate everything. We’ll even allow you up to a week license to occupy so you can move out at your leisure.