Exchange Terms
Recently, third party companies have begun to offer part-exchange. Essentially they offer the same service as a housebuilder would, but you would reach an agreement to sell with them, and they would market your property and release funds to you to move. Where they may assist you is that often they will not require that you are ‘trading up’ significantly (many housebuilders stipulate the value of the new property must be 30 per cent greater than your house) to be considered for part exchange. However, third party companies are likely to offer well below market value for your property as the re-sell is their only profit opportunity.
Terms and Conditions
The terms and conditions of sale required of you when part-exchanging, either through a housebuilder directly or a third party company, may include: agreeing to pay the full asking price of the new house, not being eligible for certain incentives or offers being marketed at the time of the purchase, agreeing to have a ‘for sale’ board outside your existing home, and may be conditional in that you leave your current home in a reasonable condition, together with fixtures and fittings as agreed with the buyers.