Part exchange for new build

[Fidgety31]

Has anyone ever used this service for a quick sale ?
if so what do you wish you’d known before? Never done this before so just researching .

I am relocating to my home town - but have a very small window of time to do this (like school holidays) so am considering using part exchange .
I understand I will not get an open market price for my home - but is it reliable to do this if you are on a tight time limit ?
Also - will these new build companies buy from you if your house is a long way from the one you want to buy? Or are there any geographical restrictions or other restrictions I should be aware of ?
I also have a small mortgage but would need to increase this to move- if that’s relevant ?

Have you been told you won’t get open market price for it?

admittedly it was 10years ago, a friend had a small very nice one bedroom flat, usual story, got married and two children later, wanted to move nearer her parents for childcare etc, she moved with Countryside, a nice, respectable 3 double bedroom property on a corner plot with a good sized garage.

She got every single estate agent round to value, it was all in writing, and the surveyor on behalf of Countryside, offered them the market value, minus £1000 for new guttering all round.

She Was estatic

We wee told they would offer about 20% less than estate agent valuation. As it happens they didn’t want to offer on our house at all.

Thanks for the replies … I hadn’t considered that my house might not actually be something they would want at all!
Does anyone know of any other options for a quick chain free sale ?!

You could try auctioning it if yoiu could afford to sell for less than full market value.

some new builds won’t let you buy one of their properties until your house has been sold!

others will.
some will let you trade in a house against old stock sort of thing ie unsold new builds in phase one when they are onto phase three sales or whatever.
you really just have to do your research on the builders in your area to see what the situation is.

we once tried to do but they didn't want our flat at all.

You're best going to the showhouse and asking them what their criteria is. We had to pay a deposit but they refunded us this when they refused the part exchange. We later sold and bought an ancient cottage so the complete opposite of a new build!

I’ve done part exchange twice and would do it again. Our last time the house was on the market when we saw the new build, they offered us what we had it on the market for.

I think another constraint was that the new house has to be worth a certain % more than the house you are selling.

Most companies put a limit on , usually that your home can be no more than 70% value of the house your buying- so it won't work if you are down sizing. We used a company called Quick move now when we needed to sell quick for cash. I'll leave it for you to review cause I got nothing but abuse when I've mentioned them on here in the past!

Thanks for the replies … I would be paying more yes .
my current house would go on the open market for approx £220k but I would be having to apply for a bigger mortgage as houses where I want to buy are at least £300k ish .
Theres a lot to consider

We are looking into px as well, we've just had the 3 agents around today to give a value for the house, and we'll get an offer in the next week for what they'd give us for ours against the new one. Both housebuilders (Story and Duchy) we spoke to about px had a £250,000 limit on the house you're trading in in our area, although Story's Ts&Cs say it's up to £400,000 in some areas. I'm really interested in hearing people's experiences too.