Anyone ever part ex'd their house for a new build?
Discussion
Hi
Mine is sold the normal way fingers crossed - but I was wondering what sort of (presumably) poor deal you get part exing your house for one on a brand new development?
Also how long is considered 'normal' after accepting an offer to the buyers Valuation Surveyor getting in touch?
Thanks
Mine is sold the normal way fingers crossed - but I was wondering what sort of (presumably) poor deal you get part exing your house for one on a brand new development?
Also how long is considered 'normal' after accepting an offer to the buyers Valuation Surveyor getting in touch?
Thanks
We part ex'd our house in for a new build in May this year, best thing we've ever done imo.. Our old house has only just sold after 4 months and for nearly £10k less than what they gave us 
We also got all our solicitor costs paid for, no stamp duty, removels all sorted and paid for, upgraded kitchen, carpets, tiles, alarm etc etc plus we knocked quite abit off the asking price.. Guessing it was more down to timing and the fact George Wimpey were in the s
t..
We also got all our solicitor costs paid for, no stamp duty, removels all sorted and paid for, upgraded kitchen, carpets, tiles, alarm etc etc plus we knocked quite abit off the asking price.. Guessing it was more down to timing and the fact George Wimpey were in the s
t..Edited by Si81 on Monday 5th October 18:11
I part-ex'd my flat for a 3-bed house in dec 08 (prices agreed in Oct). The developer I bought from was open to negotiations (unsurprisingly) and threw in some worthwhile incentives as well as a sizeable discount, but with part ex's they could apparently not offer more than 70% of the value of the new-build.
Although the part ex value I got was less than what I paid for my flat (by £20k), I think I got off lightly given how the arse has fallen out of the market for 1-bed flats! 3 months ago the developer was still trying to sell the flat for £11k less than they paid me - I think it might have now sold, probably for an even bigger "loss" compared to what I paid for it. If I'd persisted in trying to sell privately I think I'd be worse off - if I could even find a buyer.
In summary, I've moved to a nicer area and got a bigger house for a manageable additional outlay, whilst managing to sell a seemingly un-sellable flat. I was fortunate though in that I had considerable equity to play with, which does help ease the pain of a part ex valuation. Basically, expect to be disappointed! But if the figures work for you, then does it matter what the nominal value of your old house is? Like with cars, it's the "cost to change" that matters IMO.
Although the part ex value I got was less than what I paid for my flat (by £20k), I think I got off lightly given how the arse has fallen out of the market for 1-bed flats! 3 months ago the developer was still trying to sell the flat for £11k less than they paid me - I think it might have now sold, probably for an even bigger "loss" compared to what I paid for it. If I'd persisted in trying to sell privately I think I'd be worse off - if I could even find a buyer.
In summary, I've moved to a nicer area and got a bigger house for a manageable additional outlay, whilst managing to sell a seemingly un-sellable flat. I was fortunate though in that I had considerable equity to play with, which does help ease the pain of a part ex valuation. Basically, expect to be disappointed! But if the figures work for you, then does it matter what the nominal value of your old house is? Like with cars, it's the "cost to change" that matters IMO.
Hehe, I guess it depends where you buy really (and who the builder is - some have a deservedly bad reputation IMO. No names).
The estate I live on is only 40 houses, 2-6 bedrooms with about 30% affordable. But we're in a village and a lot of the "affordable" homes were only available to people with local ties - theory being that it would help local first-time buyers who would otherwise have been priced out of the area. It seems to have worked - lots of friendly and generous people who feel really strongly for the village, good kids who behave themselves, no DSS. It's great!
YMMV!
The estate I live on is only 40 houses, 2-6 bedrooms with about 30% affordable. But we're in a village and a lot of the "affordable" homes were only available to people with local ties - theory being that it would help local first-time buyers who would otherwise have been priced out of the area. It seems to have worked - lots of friendly and generous people who feel really strongly for the village, good kids who behave themselves, no DSS. It's great!
YMMV!
I'm currently P/exing my house against a more expensive property.(Not new build) It means there are only the two of us involved and ours is the cheaper house. So far everything is going OK and i'm hoping to complete within the month.
From our point of view it's a win/win deal. We get the house we want with no sales costs or hassle. We don't need a HIP on our property. We got a market valuation and have accepted slightly less from the buyers. That's OK by me as they are taking the risk of the property not selling.
From our point of view it's a win/win deal. We get the house we want with no sales costs or hassle. We don't need a HIP on our property. We got a market valuation and have accepted slightly less from the buyers. That's OK by me as they are taking the risk of the property not selling.
Edited by Z4monster on Monday 5th October 21:49
One of my mates & my brother-in-law PX'd in the last 9 months. They got an OK price on their places and negotiated good discounts on the places they were moving into.
Both were in ex-council houses and have both said that soon after their deals the developers excluded ex-council property from their lists.
That said, both houses sold reasonably quickly for an OK price.
Both were in ex-council houses and have both said that soon after their deals the developers excluded ex-council property from their lists.
That said, both houses sold reasonably quickly for an OK price.
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