Has anyone done a Part ex with Taylor Wimpey, I am not a happy bunny :-((

[StrangewaysHereICome]

Twas all going so well.......

To cut a long story quite short, they gave us a good price on our house (£8k more than the price our neighbours couldn't sell at, exactly same house type). Lovely we thought, reserved new home, which is built so no long wait for completion. Have chosen floors, measured for curtains etc etc,

TW have a strict 28 day exchange deadline which expires at 5pm today and our solicitor has found so many holes in their contract it just ain't going to happen. The problem is they use two separate contracts, one for buying our house and one for us buying their house. The one for buying our house gives them a get out clause up to six weeks post exchange should anything come up, at no penalty. On the other hand the contract for our purchase has no such clause. So the worry is that if they back out on ours we can't simultaneously back out of the new one even though our purchase is dependent on them taking our house. All our solicitor wants to do is add a clause which says should they rescind on ours we will not be bound to buy their house.

According to our solicitor all other developers use a single contract for a part exchange as each transaction is dependant on the other. It just feels so wrong that they have all the power, leaving us at risk of being sued for breach if it all goes tits up. It feels like we are being bullied into taking a risk.

Surely if this is the TW way of doing things this problem must arise all the time? Do people take this risk? I can see now why they wanted us to use their nominated solicitor

Any experiences of part ex anyone?.

Bump... Can you tell I am getting twitchy as 5 pm looms

No experience but it does seem very unfair and a huge risk for you. Surely you're not the first person that this has been a problem for. Have you spoken to anyone at Taylor Wimpey directly?

Hope you get it sorted soon.

The new house will have NHBC/Zurich insurance for quality though.

Hope it gets sorted by 5pm!

Yes three it does feel unfair and a big risk for us, and no risk for them! It just doesn't seem moral to me. They are so quick to talk up their part-ex as the stress free way to buy, but it doesn't feel that way. They just won't budge and add the clause to the contract.

My DH doesn't want to take the risk, but we will stand to lose about £3k on legal fees, reservation fees and what we've paid for the floors so far. I am tempted to tell them to stuff it! Bugger we were all ready to move on the 24th Feb grrr!

bikerunski oh yes it is a lovely house with all the lovely things that go with it, including the guarantees and energy efficiency, but it does feel too risky to be tied in to buy it if anything goes wrong with the purchase of this one.....

I will ring the solicitor in a bit to see what's going on.

That really doesn't sound right and much too much of a risk for you. Why have they done it like that? Do they not want the sale to go through? Really really on your behalf. They may say that liklihood is there won't be a problem, but if there is you're stuffed surely. You will have signed a contract.

This really sounds like a bit of a scam. What does the 'deadline' signify? Do they have buyers forming a queue?

STRANGEWAYS I have bought a Taylor Wimpey house and wouldn't worry too much about the 28 day exchange policy. This was drummed into us but we didn't, I think ours was 6 weeks (we were classed as first time buyers and we rented both our house out when we bought together so had fianances together ready to go).
Our neighbours did part-ex though and they had a bit of hassle. Their first completion date was changed two days before and rearranged. Then on the 2nd compeltion date they changed it again the night before. Wasn't too much of a problemf or them as it was part-ex so they just got to stay but mucked up the plans. They couldn't sue though because of the clause you state but they did get some options for free which helped ease the pain.

To be honest I couldn't be too worried as you are so near to completion, that no one else is going to be in a better position than you to proceed with the purchase. In my experience this clause is probably there so they have the option to pull out should they get a better offer. Say, if your house was far from completion and they got a better offer IYSWIM ?

We bought ours off plan in Aug 2007 and moved in October 2008, so if we were part exchanging and had set prices then things could change over that 12 month period.

I hope that makes sense !!! It has been a very long Friday.

Soory ment to add, try and get the clause in both contracts, don't worry about getting it completed today, they will wait. They just scare monger with the 28 day exchange thingy.

Thanks all. Well we are in no position to exchange. Our solicitor has received a response to her queries to which TW have said 'not agreed' so she has written back with 18 points. Most important is the contract clause, other things include the adoption of the roads and drains.

So we'll see, but so far it seems TW legal department don't budge. TW haven't mentioned the expiry of the reservation, so we'll just have to see what happens next week. I really feel they are acting unethically and this is really taking the shine off it all

Still worse things happen I suppose.

Thanks again for your thoughts

I really hope it works out for you. Surely your solicitor can't be the first to point out these issues to TW? Are you in an area of the country where they would struggle to find a new buyer?

Hi Denial, if you believe what they say they are selling houses like hot cakes on this development. That does seem to be the case from the number of sold signs going up so I think they would be able to sell it again particularly as they not going to be finishing any more of this house type until October.

I am baffled to think this hasn't been raised before and only think there are enough people prepared to take the risk so their legal department can carry on in this way. I can feel a big complaint coming their way, grrr.

I can see your point Havetowear, but as we are so close to completion it seems wrong not to have a contract that protects both parties, particularly as we have more to lose than TW.

I have a bad feeling about it all tbh.

Hi

Did you manage to move into your new build?