Part exchange experiences and advice

[Pookythebear]

Hoping someone might be able to advise...

We want to move for a bit more space and looks like we’ve found the house in the right area. The property is vacant as the vendors did a part exchange for a brand new build. Therefore the property we like is owned by the company/builder and there’s a possibility we could take our house off the open market and do a part exchange for this property. Obviously if the figures stack up ok. So as not to dripfeed we live in a grade 2, period property that is being marketed only £55k cheaper than the one we like. A quick online look seems to indicate that these factors may not allow us to part exchange but we are really seeing the appeal given the current climate. Does anyone have any knowledge or experience how this may work for us?

Tia

Check with the builder whether your house would be considered - my friend looked into doing this with Persimmon and they told her they wouldn't take a house over 100 years old (seems odd to me!).

Also ask whether the builders already own the property you want to buy or if the linked new build is still being built, and the builders therefore don't actually own the PX house yet. If the new build is still being built, you'll have to fit around their timescales for exchange and completion.

Oops just saw the property is vacant, ignore that bit!

There was a % difference required when we part exchanged for our new build. Iirc (it was a decade ago), they wanted the old house to be less than 75% of the new house value.
The house we exchanged would have been close to 100 years old, but that wasn't mentioned a potential issue.

Thanks all - I’m calling tomorrow so hopefully will get a better idea. I’m so tempted for ease but I can imagine the sums might not add up as we’d like, even if they did take on our old place. Hmmm. Thanks again!