How to make the most of part exchange

WITH many people unsure of how to take the next step onto the property ladder, partexchange could be the solution for them.

Some property owners may feel they have outgrown their current home or want to relocate and are unable to secure a sale on their property. This is where Part-Exchange can offer the perfect solution for those looking to purchase a new home.

So what exactly is part exchange and how does it work?

Marcus Evans, Sales & Marketing Director, Crest Nicholson Regeneration, said: “In simple terms, part-exchange is essentially trading the house you already own against the value of a new home in order to move up the property ladder.

“The developer of a new-build property buys your existing property and the value is taken away from the price of the property you are purchasing”.

How are properties valued?

For those trapped in a chain or needing a quick sale, part exchange offers a good solution. Buyers are offered a robust package ensuring home owners get a fair market value for their home.

Evans says, “For every partexchange, we obtain independent valuations from three different high-street estate agents and the offer made will be based on these results”.

All feedback from agents is completely transparent and customers are talked through the process to ensure they know how all offers are calculated.

He goes on to add, “In our case, Crest Nicholson also covers all agents’ fees, which allows those using part-exchange to avoid the often-costly agent fees they’d be paying if they were selling on the open market”.

How much awareness is there around part-exchange?

According to Evans, few people are aware of part-exchange as a route to purchasing a new home.

He says:, “Unfortunately, many people still associate partexchange with trading in a car, not a house.

“Although the transaction is far more important, the principles are the same, and that there are many benefits to part-exchanging into your dream home”.

The biggest benefit of PartExchange is the guarantee of a cash purchaser to those selling their home on the open market.

Furthermore, there is no chain involved in the process, it is just between the developer and the owner accelerating the process and reducing stress.

Another major draw is that homeowners don’t need to move out of their current home until their new home is ready to move into.

This is something that can typically cause stress and means avoidable extra cost to the seller.

Part-exchange is also a great money-saver for sellers as there are no agent’s fees to pay and there is a guaranteed streamlined transaction with professional support and guidance throughout the whole process.

However, before entering into any transaction or investment it is important to thoroughly research and assess what is right for each person.

Each housebuilder offers a different criterion for PartExchange.

Crest Nicholson’s Part Exchange scheme requires that the value of your new Crest Nicholson property must be at least 30% more than the value of your existing home.

The steps to securing a home via Part-Exchange

Find your dream home Identify the Crest Nicholson property that you would like to buy. Discuss your requirements with the sales team who can identify the perfect home for you

Property valuation To establish the price that

Crest Nicholson is prepared to pay for your existing home, the sales team will arrange for three local estate agents to assess the value of your existing home in the current market conditions. This process normally takes no more than 10 days

The offer

Provided that your existing home meets the terms and conditions required for partexchange, the sales terms will make you an offer which will be subject to contract, structural survey and the appropriate legal searches

Reserve your new home Once you’ve accepted the offer for your existing home, you can proceed to reserve your new Crest Nicholson property.

You will then need to instruct a solicitor and arrange a mortgage, if required, in the usual way

Crest Nicholson can recommend a solicitor from an approved independent panel and also help you achieve a competitive rate for your mortgage via their recommended Independent Financial Advisor.

Make your move

Barkham Place is a collection of apartments and houses in the Berkshire countryside. Adjacent to Hazebrouck Meadow and with Waterman’s Lake almost on your doorstep, Barkham Place is the perfect location within Arborfield Green.

The rural countryside setting allows a relaxed lifestyle on the outskirts of Wokingham, whilst just four miles from the M4 motorway.

For more information, call

0118 402 4768 or visit Crest’s website. The Sales & Marketing Suite is open seven days a week from 10am to 5pm.