Talk to me about part-exchanging on a new build

[WellBHouse]

Thinking about part-exchanging on a new build. What’s the process/how did you find it. Was it easier than selling traditionally and then moving?
We know we’ll have a lower offer going through part exchange, but does that outweigh the benefits and no stress if no chain?

We did do this, but although the part exchange part was very straightforward, I would never do it again as we were only given x amount for our house if we used their mortgage brokers, who signed us up to a crappy mortgage we couldn't get out of for five years.
We were able to negotiate on house upgrades and so on and the stress of selling in time was taken away but I wouldn't do it again as the costs went on far beyond the slightly less valuation on the property. I think they make the real money from insisting you use their conveyancing company, legal and mortgage broker.
Good luck

Thanks, I didn’t know you had to use all their companies, hmm that’s interesting. I don’t think they’ve mentioned that yet.

We did this with Miller Homes. It worked really well for us, we were free to use whichever company we wanted for a mortgage, and they recommended a solicitor but it was a local one who we would've used anyway.

The only thing they wanted was a quick completion. We reserved the house on Dec 23rd, then everything stopped for Christmas so we weren't able to start arranging anything (solicitor, mortgage) until early January (4th iirc) and they hoped for us to complete in early February. However, they contacted us and offered us a massive discount if we could complete by the end of January (once they'd sold this house they could start the next phase) and we managed to. From appointing the solicitor and applying for the mortgage to completing and moving in took 24 days.

I'd have no hesitation in doing it this way again. It took the stress out of the whole process. We didn't even lose out much on what they offered us for our old house, we thought they'd come in with a really low offer but they didn't.

Having a nosey at this thread.a we've had a brief conversation about PE with a popular UK house builder. They claim to not under value the property. No one has mentioned the mortgage or conveyancing side of things though I'll throw that into the mix when we go back.
I wonder what the deal is if you don't need a mortgage say if someone's downsizing??

I know that when they sold our old house it was put on the market for less than they bought it for from us. I was bracing myself to see them make a bit of money on it (and kick myself for us losing out) so was very surprised when it went up for sale for £5000 less.

We’re still waiting for our offer to come through. They had us feet qualified by speaking to their mortgage broker, who actually came up with initial rates that were he best we had seen. But I didn’t get the impression that we were tied to them.
If they want to discount me to move within a month then they can go for it!
How did you barter discounts on the price or get upgrades? We’re pretty sure they know they can sell the plot if we don’t go for it.

We’re not tied in to using a specific solicitor or mortgage broker, I checked.

We didn't need to do any bartering, there wasn't anything really that could be added to the house as they'd carpeted and tiled throughout and the lawns and paths were also laid. The only thing we asked was if we could have some of extra tarmac laid to widen the drive but that would've had to be discussed with the council so they said they couldn't do it, but we've since done it ourselves anyway.