Part Exchange

Part Exchange is available on selected Crest Nicholson homes. Terms and conditions apply, details for the Part Exchange scheme are provided below, and Crest Nicholson’s general terms and conditions at this link.

The value of your Existing Home must be typically no more than 70% of your chosen Crest Nicholson home (your “New Home”).

Your Existing Home:

• must be in a good state of repair, located in an area of the UK familiar to Crest Nicholson and of a standard method of construction
• must be your only or main residence (and it must be your intention to occupy your New Home as your only or main residence)
• if leasehold, must have at least 85 years unexpired term remaining.

Crest Nicholson is under no obligation to make an offer.

You need to:

• complete a Part Exchange Valuation Request form; and
• provide access to our representatives and appointed estate agents within 48 hours (excluding weekends) for the purposes of valuations and inspection of your Existing Home

Crest Nicholson will appoint up to three independent estate agents to undertake valuations of your Existing Home.

Please note that these estate agents are instructed by Crest Nicholson and are not permitted to discuss figures with yourselves.

Following valuation and inspection of your Existing Home, if it is eligible for part exchange, we will make you an offer.

Any offer made by Crest Nicholson for your Existing Home will be subject to survey(s), an independent valuation and any necessary further enquiries or reports.

Crest Nicholson reserves the right not to consider or accept your Existing Home for Part Exchange. If this is the case, we will explain the reason for our decision. All valuations and decisions are final.

Once you have accepted the offer you need to:

• complete a Reservation Agreement for your New Home and pay a reservation fee
• sign a copy of these Part Exchange Terms and Conditions

Should you decide not to proceed with Part Exchange for any reason after our solicitor has been formally instructed, the reservation fee will be refunded, less £500 towards our reasonable reservation administration and conveyancing costs. If we decide not to proceed for any reason, then the reservation fee will be refunded in full. The balance will be returned to you without undue delay.

Your New Home will remain on the market and can be reserved by another customer until a Reservation Form is completed and Part Exchange Terms and Conditions are signed.

After the Reservation Form is completed and Part Exchange Terms and Conditions are signed:

• we require your co-operation in allowing us to market your Existing Home straight away, ensuring that potential buyers have every chance to view your home. You agree to allow reasonable access to your Existing Home to:
• facilitate the resale (subject to agreed appointments); and
• for the instructed agent to erect a “For Sale” sign
• you will need to ensure your solicitor is instructed to proceed on your behalf upon acceptance of our offer and inform them of our 28-day exchange target under the terms of the Reservation Agreement
• you agree to cancel any existing arrangements with any agents. Any agents’ fees or commissions and VAT that may have been incurred by you prior to our agreement will remain your responsibility. Crest Nicholson will not accept liability towards any such costs or charges.
• any estate agents appointed by Crest Nicholson to market your existing property will be acting on our behalf and any fees and commissions for our appointed agents will be met by Crest Nicholson except where:
• either party withdraws from the transaction; and
• you complete the sale of your existing home to any individual introduced by our appointed agents during the period of our instructions, in which case you would be responsible for the agents’ commission and VAT.
• both your purchase of your New Home and our purchase of your Existing Home are subject to contract, until simultaneous exchange of contracts has taken place on both transactions. The terms for the transfer of your Existing Home to Crest Nicholson will be on the basis of Crest Nicholson’s standard contract with Part Exchange terms included
• you will need to accurately complete standard enquiries relating to your Existing Home issued by our solicitors. Since Crest Nicholson has no first-hand knowledge of your Existing Home, you agree that a future purchaser of the Existing Home will rely on your replies and you accept liability for any false or misleading replies
• your home and garden must be maintained to the same standard as when our valuations took place and the following items must remain in your Existing Home, unless written consent for removal has been obtained from Crest Nicholson:
• fitted carpets
• curtains
• light fittings
• blinds (venetian/vertical/roller etc)
• fires and fire surrounds
• fitted kitchens and all integrated appliances
• fitted wardrobes
• all items fixed to the wall (including bathroom cabinets, towel rails and other bathroom accessories).
• Items in the garden including plants, shed and water features must also remain unless otherwise agreed in writing.
• If there are specific items you wish to remove, these must be identified in the Reservation Form for your New Home. Removal of these items may necessitate replacement or reinstatement of walls, ceilings or floors to an acceptable standard, including the filling of any holes and repainting.
• You agree to be responsible for any damage to your Existing Home that occurs before transferring your Existing Home to Crest Nicholson, unless caused by Crest Nicholson, our representatives or an estate agent appointed by us. Until that date, your Existing Home is at your risk and you must insure it in its full reinstatement value against the risks usually covered under a comprehensive buildings insurance policy with a reputable insurance company unless it is a leasehold property where insurance is arranged by the Landlord or Management Company.

You will need to provide at your cost, prior to exchange of contracts:

• if you have had either a new central heating or new gas boiler installed at the property since 2006, either a CORGI or (if the work was carried out after 1 April 2009) a new Gas safe service certificate
• an electrical testing certificate for all electric equipment within your Existing Home to certify the items are safe and in a full working condition
• an Energy Performance Certificate
• evidence of service (by appropriately qualified personnel) of all central heating systems and gas fires. If you have already had these serviced within the last 6 months, then evidence of this will be sufficient
• if replacement double gazed windows have been installed since April 2002, a FENSA certificate and a copy of the Guarantee

Any prepaid service meters must be replaced with standard credit meters prior to legal completion

Yes. Exchange of contracts for both your chosen Crest Nicholson home and your Part Exchange property must take place simultaneously.

On the day of legal completion:

• Full vacant possession of your Existing Home is required (i.e. the property must be left in a clean and tidy condition including the loft, and any outbuildings with only agreed items remaining)
• all utility bills for your Existing Home must be paid up to date, and meters read so that final bills can be forwarded on to you for payment. You are responsible for payment of any bills or invoices relating to the period prior to the completion date (including any rent, rent charges, ground rent, insurance premiums or service charges).
• you will receive the keys to your New Home once:
• completion has taken place on your Existing Home; and
• when it is confirmed that you have left 3 sets of keys with our appointed estate agent or ourselves, along with any alarm codes. You will be notified prior to legal completion where these keys are to be left. Any keys not provided may necessitate a locksmith being instructed on our behalf to replace locks and supply keys, the cost of which would be recovered from you.

When you move out of your Existing Home:

• it must be left in a clean and tidy condition including the loft, and any outbuildings with only agreed items remaining. A £500 retention fee will be held. This £500 will not be allowed against the price of your New Home on completion so you should budget for this.
• if your Existing Home is left in a reasonable condition and all keys are handed in by 4pm on the day of completion, the £500 retention fee will be refunded to your solicitor.
• If we have to use any of the £500 retention fee to make good the Property, we will pay any balance left to your solicitor once the making good works/cleaning are complete.