Anyone done a Persimmon Part-Ex recently?

[jenniepanda]

Considering this as a way to actually get to move to our relocation area as we are really struggling to sell our property.

Has anyone done a Part-Ex and if so did you get close to market value?

We are in a new build at the moment and got a valuation on our previous property, but it was so low that we had to sell privately.

Also do you have to actually reserve a new property before you get their valuation? How would I know how much we could afford for a new property without knowing their valuation on ours first?

Thanks!

we did it 7 years ago from another new build into a persimmon one. We couldn't sell ours quickly enough so went for part exchange. they valued it about 10K less than we had it on the market for. We said thats fine we'll knock 10K of the house we want then as we can't afford to loose that much. We were lucky as the market had slowed so not many buyers around and they wanted to sell their house as it was the last one in the street to sell. They amazingly agreed. They then started nagging for a deposit so we said what about a deposit for our house then? They didn't want to but they had no choice. All in all it went smoothly and much easier than selling privately and i would deffo do it again.

You need to speak to to the sales girls and ask them how you gt the ball rolling.

Spoke to Persimmon about this yesterday, as we have seen one of their houses we like but ours hasnt sold yet. I guess it depends on the value of the house you want to buy, but the lady told me they would only go up to £200k for part exchange as they have to be able to sell your house on quickly and make a profit themselves. This is no good for us as our current house is worth more than that so subsequently we wouldnt be able to buy the new house if we made that much of a loss on our sale.

She said they buy at least £20k lower than market value to move the property on quickly.

Good luck!(hope we arent talking about the same house )

Thanks Flo, that's really useful. Ours is on the market for 240k, so probably not much good for us either.

Haven't actually found a house yet as we are relocating 200 miles away, just looking at a new development as we really wanted to be moved and settled in for September before DD1 starts school.

Looks like we'll have to carry on waiting for ours to sell.

Good luck with yours!

We did part-ex 18 months ago. It wasn't with a big local building company though. It was a local builder who has done loads of smallish developments here in Lincolnshire.

We hadn't even got ours on the market. We just approached the estate agent who the builder had his houses with. Agent arranged for builder himself to come out and look at ours.

We had a figure in mind that we wouldn't go below. We got offered 10 grand above that figure, so went for it. Was lovely because we didn't have estate agent fees to pay.

It was a very easy move.

sorry - 'big NATIONAL building company' I mean

We're just trying to do something called an Assisted Move. Builder pays for HIPS, Estate Agents and subs the legal fees and they take charge of the sale and chain BUT they set a minimum price for your old house and only give us six weeks to find a completed chain - any time beyond that is at their discretion.

PROBLEMS: We should have had our house valued ourselves first as they knocked around £15k off the market asking price.
They chose the solicitor AND tried to insist that we used their recommended mortgate brokers.

ON THE PLUS SIDE: They knocked the same amount off of theirs. We chose the estate agent.

Part Exchange, we were told by several of the national builders, is only offered IF the value of the house you are selling is worth 70% or LESS than the value of the house that you are buying.

BIG PROBLEM: We had a completed chain and were only a week or two away from moving then our buyer lost their buyer - Chain broken and house back on market. We're still trying though.

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This is my first post, so be gentle with me!

I'm sitting here waiting for the phonecall from the solicitor to confirm our moving day into a Persimmon home. We did the part-ex thing - it seems to have gone pretty well and cut out the frenetic nightmare of waiting for a buyer/chain collapse etc. They did knock about 10k off the value of our place, but knocked 10k off the value of the new property so it all sort of balanced out. I know that they're very finicky about the profit margins when it comes to part-ex - we just scraped qualifying for it.

One thing - if your property is already on the market and you want to part-ex, don't believe the building company when they say they will deal with your current estate agent so you don't have to worry about giving them notice etc. We left it to them as instructed (I queried this three times, being aware of my contract with the estate agent) and ended up being threatened with legal action by the estate agent. This was eventually resolved (but not until I told Persimmon they would have to pay any legal costs as we were acting on their advice).