New build part exchange negotiation

[TwinandDogMum88]

Hoping you lovely people can help. We are in the process of going through a part exchange scheme for a new build property and our house if getting valued this week. Are we able to negotiate on asking price / stamp duty ect. The house is already built and been on the market since September (previous buyers have backed out so all choices are already made by them).

What have others done?

I did this a few years ago. They paid full asking for our old home, 15k stamp duty, bulk of the mortgage for the 1st year, upgraded amtico flooring throughout downstairs, upgraded wardrobes and kitchen. Turf fencing etc was standard. This was a small local builder, so may be different with a large builder. The quality of the build was excellent though.

Usually you'd be more limited with part exchange, but given the current climate and that it's already built, yes, negotiate hard. It'll be extras more likely than asking price, but it all adds up to cash. We got stamp duty, upgraded kitchen, flooring, and a few grand for furniture. The main blocker is your mortgage company (assuming you need one!) will have a limit to how much discount you can have, it's tied with borrowing limits LTV ratio kind of thing.

They might do on the premise of you using their legal recommendation, personally had no issue with that as it was much quicker and we didn't have any leasehold/community charges to worry about, they were a reputable local company.

That’s good to know thank you. Seems like we are in a good position.

How did it go OP?