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Part exchanging for a new build

(13 Posts)
lolapoppins Sun 06-Sep-09 15:25:29

Has anyone done this?

We need to move asap, we have had a hellish time where we are now, and have got to the point where we need to get out. We live in a large old house in a rural village and even estate agents have told us it will take a while to sell (other houses in the village have been on sale for 18months + ). We thought our best bet would be to part ex. Plus, we quite fancy an new build with an NHSC guarentee after all the trouble we have had with an old building!

Our house had been valued at £300,000. Would we get the same with a part ex? Or do they give you short of the market vaulation? We have lost £50,000 from when we bought it, so can't sell for less than 300k as that is the amount of our mortgage.

Also, we don't know what development/where in the counrty we could move to until we know how much we can part ex for, I think the uplift is 30% so we would be looking at around £429,000. Would a comapaby (such as Bovis or Persimmon) do a valuation for part ex without us knowing which develpment we would like to move to?

LIZS Sun 06-Sep-09 17:43:48

We tried this once when our sale fell through and we were already buying a newbuild but couldn't raise enough(below market value is the norm) and they were reluctant anyway because it was leasehold. Think you'd need to negotiate on the basis of a particular development because while the market is slow they will be more keen to complete phases on sites with just a few left to sell.

xxxxBAMBOOxxxx Sun 06-Sep-09 17:46:54

They will value your house for less than the market valuation, that much is guaranteed

lolapoppins Sun 06-Sep-09 18:39:01

Oh bollocks, that's what I thought.

I guess we will have to try and see, this is our only option of getting away from here, but 300k is obviously our limit because of the mortgage.

Thanks.

sad

xxxxBAMBOOxxxx Sun 06-Sep-09 18:51:19

We had the same problem. A drop in the market meant the value of our house was only £7k above the mortgage amount and they wouldn't touch us

xxxxBAMBOOxxxx Sun 06-Sep-09 18:52:08

They said there wasn't a big enough differental, whatever that means

LIZS Sun 06-Sep-09 19:02:10

The differential is the difference between the value of your property for part exchange and the purchase price of what you hope to buy from them, the bigger the better from their pov.

lolapoppins Sun 06-Sep-09 19:11:53

That is why DH is so optimistic - we could get a mortgage of up to 450,000, if only they would take ours for 300,000. So the differential would be worth thier while. We have had ot valued by three agents in the past two weeks, two at 300,000 and one at 320,000. It's just that we know it will take ages for us to sell the place.

It is all very diheartening as we love this house, we bought it and spent 50k lovingly restoring it. It was our dream house and we though we would live here forever. However, we have had lots of trouble since moving here and have to leave no for our sanity. It is heartbreaking.

xxxxBAMBOOxxxx Sun 06-Sep-09 19:22:08

Now LIZS has explained that, it sounds like you might be in a better position than us. I guess the only way to find out for sure is to contact them. They will soon let you know if the figures don't work.

Seems such a shame you have to leave your house though, have you had problems with neighbours?

lolapoppins Sun 06-Sep-09 19:53:35

Yes. We moved to a small, rural village. Ds had a few problems at the tiny village school (he was 4) and the gossip started. It grew and grew. We have had two years of the most hurtful gossip, despite having kept our heads down and ourselves to ourselves. A few weeks ago, I overheard a stage whisper conversation in the shop that I am a lesbian. They must know something I don't. We literally speak to no one. Life is unbearable.

It's not just us they took a disliking too, the village pub is now shut due to the landlord and his family being driven out with nasty gossip. He asked people if they would mind not parking in the carpark at school drop off time as the delivery vans couldn't get in and the next thing they knew, his wife was being accused of having affairs and his daughter was said to be working as a stripper shock They also all boycotted the pub and the poor guy had to file for bankrupcy. I live in a village full of nasty vindictive people.

xxxxBAMBOOxxxx Sun 06-Sep-09 20:53:05

shock sounds awful lola

I hope you can work something out with a new build ASAP. Fingers crossed for you smile

lolapoppins Sun 06-Sep-09 21:00:40

Thank you. I guess I have blown my chances of asking for a houseswap on here now everyone knows what the locals are likegrin

terracehouse Mon 07-Sep-09 06:43:16

Nah, you should definitely arrange some MN houseswaps to serve the buggers right.
I can think of a few "free spirits" who could really give them something to gossip about. wink
<cough...SGB....cough>

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