With many people unsure of how to take the next step onto the property ladder, part-exchange 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 explains, saying “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 part-exchange, 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 onto 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 part-exchange 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 Part-Exchange 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 Part-Exchange. 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.
5 steps to securing your Crest Nicholson home via Part-Exchange
- Find your dream home
Identify the Crest Nicholson property that you would like to buy. Discuss your requirements with our 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 part-exchange, 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
- They'll support you every step of the way
Crest Nicholson will guide you through the buying process, ensuring that your move to your new property is as smooth as possible.
Make your move
Barkham Place is a stunning new collection of apartments and houses in the Berkshire countryside available now, all within easy reach of Reading and London. 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, providing direct routes into London and Bristol, Wokingham train station is just 3.5 miles away, where regular trains into London Paddington can take as little as 48 minutes.
The 4 bed ‘Buckingham’ at Barkham Place, Aborfield Green is available from £650,000 with part-exchange. For more information, or to book an appointment with our sales team, please call 01184 024768 or visit our website. The Sales & Marketing Suite is open 7 days a week from 10am to 5pm.