105% Part Exchange

Crest Nicholson is hereinafter referred to as “Crest Nicholson”, “we”, “us” or “our” The current home you are looking to sell is hereinafter referred to as your “Existing Home” Your chosen Crest Nicholson new build home is referred to as your “New Home”

105% Part Exchange is available only on selected Crest Nicholson homes. Terms and conditions apply.

The value of your Existing Home must be typically no more than 70% of your New Home.

Your Existing Home:

• must be in a good state of repair and located in an area of the UK covered by one of our regional housebuilding divisions.
• must be of a standard method of construction.
• if leasehold, must have at least 85 years unexpired term remaining.

Crest Nicholson is under no obligation to make an offer on your Existing Home.

You need to:

• complete a 105% 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. A Crest Nicholson representative may also visit your Existing Home to assess it.

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 105% Part Exchange in accordance with these terms and conditions, we will make you an offer based upon those valuations and explain how the offer has been arrived at. We may offer up to 105% of the value of your Existing Home. The amount of our offer is at our discretion and may not match the valuations.

The offer will specify the date by which you must accept the offer and complete the reservation of your New Home (which will be 7 days from the date of the letter). If you do not accept the offer by the specified date, it will no longer be capable of acceptance by you.

Any offer made by Crest Nicholson for your Existing Home will be subject to legal due diligence and survey(s) and any necessary further enquiries or reports.

Crest Nicholson reserves the right not to consider or accept your Existing Home for 105% Part Exchange. If this is the case, we will explain the reason for our decision. All valuations and decisions are final.

At the same time as accepting the offer you need to:

• complete a Reservation Agreement for your New Home and pay a reservation fee and;
• sign a copy of these 105% Part Exchange Terms and Conditions.

If you decide not to proceed with 105% Part Exchange of your Existing Home for your New Home for any reason, or you cancel the Reservation Agreement or it expires, we will:

• if this occurs before expiry of fourteen (14) calendar days from the date of the Reservation Agreement, the reservation fee will be refunded in full if you do not proceed with the purchase of your New Home.
• if this occurs after the expiry of fourteen (14) calendar days from the date of the Reservation Agreement, deduct from the reservation fee (and refund the balance where you do not proceed with the purchase of your New Home):
  • if our solicitors or surveyors have been instructed in respect of a part exchange of your Existing Home and we are liable for any abortive costs, disbursements or expenses, a contribution towards such costs, disbursements or expenses of up to £250;
  • if we are liable to any estate agency cancellation fees up to £250;
  • any further sums that we are entitled to deduct under the terms of the Reservation Agreement.

If we decide not to proceed for any reason with the 105% Part Exchange (for example because of issues arising from the survey, or because of title issues arising following pre-contract enquiries), then the reservation fee will be refunded in full.

Your payments are secured with Crest Nicholson. Any refunds payable to you will be paid directly to you within fourteen (14) working days of the date of notification of cancellation.

Your New Home will remain on the market and can be reserved by another customer until both a Reservation Form is completed and 105% Part Exchange Terms and Conditions are signed.

After the Reservation Form is completed and the 105% Part Exchange Terms and Conditions are signed:

• we will require your co-operation in allowing us to market your Existing Home without delay 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);
  • provide a set of house keys (and alarm code if relevant) to the instructed agent for them to be able to carry out accompanied viewings if you are not available; and
  • for the instructed agent to erect a “For Sale” sign
• you agree to keep your Existing Home (including any garden) in a neat, tidy and presentable condition for viewings;
• you will need to ensure your solicitor is instructed to proceed on your behalf upon acceptance of our offer and inform them of the Reservation Period end date 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 or as a result of our taking over the marketing 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 Home will be acting on our behalf and any fees and commissions for our appointed agents will be met by Crest Nicholson except where:
  • any of the deductions set out above and in the Reservation Agreement are applicable; or
  • you complete the sale of your Existing Home to any potential purchaser introduced by our appointed agents during the period of our instructions without at the same time completing on the purchase from us of your New Home;
    
    in which case you agree to indemnify us for any agents’ commission and VAT for which we may be held liable;
• 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 105% 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;
• We may also in our absolute discretion terminate the arrangement if you do not abide by these terms and conditions for 105% Part Exchange or you act in a way that reduces our prospects of finding a buyer for your Existing Home.

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 dated within the last 6 months
• an electrical testing certificate for all electric equipment within your Existing Home to certify they are safe and in a full working condition, dated within the last 6 months
• 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 New Home and your Existing Home must take place simultaneously and you will be informed of timescales for completion throughout the process.

If construction of the New Home has been completed at the date of exchange of contracts there will be a fixed completion date.

If construction of the New Home has not been completed at the date of exchange of contracts written notification will be given to your solicitor when the construction of the New Home has been completed. Legal completion will take place ten (10) working days after the date of such notification. Legal completion of the sale and purchase of the New Home and your Existing Home must take place at the same time. You can live in your Existing Home until legal completion.

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 up 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 you will be liable for and the amount 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.