Part Exchange
Trade in your home for a hassle-free move – no chains, no stress.
What Is Part Exchange For A House?
Housing Part Exchange is a service designed to facilitate the buying and selling of homes simultaneously. It allows homeowners to sell their existing property directly to a builder or developer, often at a fair market value, which helps streamline the process of purchasing a new home.
This option is particularly appealing to those who want to avoid the complexities and uncertainties of traditional property sales.
Read full T&C’s here.
How Does Part Exchange Work For A House?
Check Eligibility – The scheme is available on selected homes and your existing property must meet certain criteria.
Get a Valuation – The developer arranges valuations to determine a fair offer for your home.
Receive an Offer – If your home qualifies, you’ll get a formal offer based on market value.
Reserve Your New Home – Once you accept the offer, you can secure your new home.
Sell Without the Hassle – The developer handles the sale, so you avoid chains, estate agents, and delays.
Move In – Once everything is completed, you move straight into your new home.
It’s a simple, stress-free way to move without worrying about selling your existing property.
FAQ's
There are multiple advantages to the housing part exchange scheme. This includes not having to deal with estate agents and pay their fees (ranging from 1-3%)
You can only part exchange for a property that is worth at least 30% more than your current property. This means that you unfortunately can’t buy a cheaper home than the one you’ve already got.
Yes, stamp duty is still payable on the full purchase price of your new home, as part exchange does not exempt you from this tax.
When exchanging contracts, you’re required to pay a 10% deposit on exchange of contracts based on the difference between the purchase price of your current home and your new house. In many cases, this means you’ll only need to provide the difference between the deposit already paid against your part exchange property and the required 10% of your new home’s value. Your legal advisors will need these cleared funds in good time to proceed with the exchange.