Part exchange

[DancingDragonfly]

Has anyone moved into a new property through a part-exchange scheme?

I'm going through a divorce and currently living in the family home (4 bed detached) which has been mortgage free since 2018. It is looking like I will come away with a 70% share of the house when sold. There are two bedrooms in the house which are sitting empty and it is quite a big house for just myself and my 14 year old daughter (who is planning on going to university at 18). I'm obviously paying out quite a bit to maintain the house too.

I want to buy a 3 bedroomed house and there are some new builds nearby my daughter's school (we live 4 miles away at present and the school bus pass costs me £400 a term). They have started to offer part-exchange. This sounds ideal to me so that I don't have to go through the trauma of selling (I have a very busy, stressful job) and I can give whatever share I need to my stbx.

Is this a good idea? Will I lose too much? Our house has been valued at £270k in the north. Houses I'm looking at are £210k.

Do they take a big amount?

Do they offer up to 100% market value?
Personally, I’d only part exchange if they offered 100%. You shouldn’t be taking a loss to move into a new build.

I have looked at these schemes before and most (all?) developers only seem to accept houses that are up to 70% of the value of the house you want to buy. So you'd still have to find 30% elsewhere (cash, mortgage...).

I haven't looked into it yet. I just wondered if anyone else had done it and not regretted it.

We did part exchange with Taylor wimpey and never regretted it. Yes we got less for our house than on open market but it was a very smooth sale process and got money back as they sold our house whilst we were still in it. The only thing I will say is when we did it you had to buy a property that is valued higher than the property you are currently in so you may be forced to get a bigger property than you want