'Part exchange available'

[nineyearoldsarerude]

Does anyone know what this means when it is in the sales blurb for a property? In Scotland if that counts.

It usuually means they will except your house towards the payment.

I assume it's new build? They get 3 agents to value your property and take the average.

We've moved house like this - makes it very easy as no chain - just you and the builders

Be aware it's often very quick, we did our move in 18 days I think, from looking at the house, getting finance, houses both surveyed and all the legal work done to moving in, I was somewhat stressed out by the end of it, but wonderful not to have to sell one house on the open market, if we can we will do it again when we can afford a bigger house.

Also, there is a maximum value of property that they are likely to exchange against, the house builder wants to end up with a less valuable property on their books than before the deal.

That said, if you can, go for it, so much less hassle in the end :)

Hi, thanks for your replies but it's not a new build. I am confused as it seems to imply the person you are buying from then ends up with your home? I can't see how likely it is that they would want it!

If your house is worth significantly less than yours and they are trying to reduce their debts then it might be worth it for them. New builds only give part exchange if your property is less than a certain percentage of the new one you want to buy.

Sounds good!