Trading places is key
POST-lockdown we’re all enjoying the gradual reinstatement of our liberty: freedom to see family and friends, go on holiday and enjoy a meal out or a drink in a pub. Many of us are also reconsidering where we want to live. But although estate agents have reopened there are still obstacles that sellers must overcome, such as social distancing and hygiene, which is why part exchange is a possible solution for some.
“Of course, we are all more conscious now about who we interact with and for some homeowners the thought of having to let numerous people into their home for multiple viewings could make them feel uneasy,” says Lynnette St-Quintin, sales and marketing director for Barratt DavidWilson Southern Counties.
“With part exchange, apart from the valuations, this element is removed and gives sellers peace of mind knowing they can sell their home quickly and with less fuss.”
Lynnette adds: “The last few months have caused a lot of disruption and, with so much uncertainty at the moment, buyers feel reassured that they can sell their existing property to a guaranteed buyer and buy a new, larger home through part exchange.”
Most big building firms offer part exchange on selected developments or selected plots on a development, particularly if they want to push through the final few sales.
It can be a welcome solution to those desperate to move, perhaps because of a new job or to buy a home within a school catchment area.
Barratt Homes and DavidWilson Homes, both part of Barratt Developments, have similar part exchange schemes: no estate agent fees to pay, no chain and two independent valuations.
Once a selling price is agreed they buy your home and take it in part exchange for the new home, which you can move into within eight to 10 weeks if the property has been built.
Similar schemes are available from other developers and were popular even before we went into lockdown.
KATY and Dan Terry used part exchange after struggling to sell their three-bedroom townhouse in Haywards Heath,West Sussex, which was becoming too small for them and children Bethany, 10, and Blake, five.
“We really needed to move to somewhere with more space as the children are getting bigger – our three-bedroom townhouse in Haywards Heath was bursting at the seams,” says teaching assistant Katy, 36.
“The problem was that it was really bad timing for a move, as worries about Brexit had put people off house hunting, slowing the property market down.We were concerned that we wouldn’t be able to sell our home quickly, or that we would be stuck in a long chain, when we just wanted to be settled into our new home.
“The part exchange scheme was perfect for us.We were offered a fair price on our existing home and everything went through to completion quickly and smoothly. It was almost stress-free from beginning to end.”
They moved into a four-bedroom house at David Wilson Homes’ Wychwood Park development in Haywards Heath, which has good road and rail links to London and Brighton, although only three-bedroom homes are still available, from £369,995 to £390,000 (0333 355 8499; dwh.co.uk).
The downside to part exchange is that you’ll probably get a lower price than if you sell through an estate agent and it’s usually only available to those buying a more expensive home than the one they’re selling, with leasehold or structurally damaged properties unlikely to be accepted.
But part exchange can be a godsend, particularly if lockdown has left you wanting a fresh start in the fastest
time possible.