Part Exchange

Putting the Express in Part Exchange.

Part Exchanging your old property for a new home is now an accepted method of achieving a quick and easy property purchase. Although it can be used for buying older property, it is most commonly used when you are buying on a new development.

From the outset, it is important to understand that with the benefit of the quick and easy sale and purchase, part exchange generally requires a compromise – you are likely to be offered less the ‘normal’ open market value for your existing property. However, it should be equally understood that, in order for the process to be successful, you and the developer need to agree a fair price for your existing property.

Although there are no set rules for valuing property in part exchange cases, the developer, or a specialist part exchange company, should make their offer based on a valuation obtained through the use of surveyors, estate agents and/or market data. Once the purchase price has been agreed, and the necessary surveys and checks have been carried out, it is a matter of proceeding with the conveyancing as quickly as possible to ensure that your existing property is sold and the new property is purchased within the time frame set by the developer.

Not only are part exchange deadlines generally tight, but each developer and/or part exchange company will also have their own terms and operating procedures, so obtaining independent specialist advice is recommended.

For more information or to obtain a quote, contact info@fosterpartnership.com or call Freephone 0800 294 0640.