Selling/ buying process for new builds

[Libbytalks86]

Has anybody successfully managed to sell an existing home to purchase a new build? I’m hoping to purchase a new build but the buying process is so quick (need to exchange within 8 weeks) yet I’d need a buyer for my home who would be prepared to wait until mid-next year to complete when the house is built. Juggling it all feels like a nightmare and I’m worried I’d exchange early but then the sale of my current property would fall through. Can’t afford to move into rented short-term, either as it would be over double the cost of the mortgage 😬

We moved into our newbuild earlier this year and the whole process was a huge shock to us (about 12-months in total) however it did work out ok in the end.

Had to have a buyer for our old house before we could reserve and then had to exchange within 42-days. The sales team bluntly told us that we would then need to move into rented until the new house was ready some 8-9 months later.
As it happened we arranged a long period between exchange & completion of our old house (4-months) and then moved (for 5-months) into my late parents home (rent free) which also happened to be large enough to hold all of our furniture & boxes (90% of which we never unpacked) thus avoiding storage costs.

Speaking to our new neighbours many had a similar story to tell. Some had stayed with family while others had rented a house for 6, 12 or (in one case) 18-months. Another used AirB&B.
Glad we avoided those costs!

Could you part exchange instead?

Some don't offer PX although those that do, it can often be a far easier solution as long as you don't have to drop the price too much.

Our developer doesn't offer PX although they sometimes offer a Help To Sell scheme (although it wasn't available to us).
What that entails is the developer instructing an EA so they deal with the sale and cover the EA fees. What it does NOT help with though is the need to exchange ASAP and move into temp accom, you still need to do this. 🤔

Ask about part exchange. We did part exchange. Offered us £10k below market a value which we accepted as our house needed some work and would be tricky to sell and we could still afford the new house. We were in before our house sale went through although it was only a few weeks behind.

We part exchanged too. Their offer was fair, and although at the lower end of what we were willing to accept, they threw in some extras on the property and we saved in estate agent fees. It worked out well for us as there was uncertainty and delays due to covid but we didn't have to worry about losing our buyer.

I've looked at PE but your house has to be worth 30% less than the new build. No good to us as it's a sideways move.

Thanks everyone, really appreciate your feedback. The developer doesn’t offer part exchange on this particular site unfortunately. Not sure what to do now - hope for a cash buyer maybe? Or look at second hand houses?