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Part Exchange

2 May 2017

Part exchange is one way to unlock the door to your new home

Almost anyone who has moved property will have a story about how stressful the process can be.  Often, although not always, this stress is exacerbated by parties further down the chain and circumstances over which one has no control. 

“Creating a chain free sale is one way to remove the stress from the moving process and one way to effectively do this is to consider a part exchange on one’s home” says Jane Bailey, sales manager at Bewley Homes.

Jane explains:  “By trading your current home as part payment towards your newly built Bewley home, you can alleviate much of hassle and cost of putting your existing property on the market and creating a chain free situation makes the whole process of moving home far smoother and often quicker. 

“Part exchange alleviates the need for viewings and means you don’t have any agency fees to pay.  In addition, once you agree to a part exchange, you will definitively know how much you are getting for your property and there is less likelihood of the price being renegotiated or the agreement falling through (with all the added stress that comes from having to remarket a home).

“You should be looking to upscale the accommodation you currently have by about 30% which is often why families, in particular, can find part exchange an attractive and useful option. 

So how does it work?

If you are interested in part exchange:

  • Find out which new property developments offer a part exchange option
  • Choose your desired development and the home you wish to purchase
  • Bewley Homes will arrange for three valuations on your home
  • Agree a selling price for your current home
  • Accept the offer for your property, pay a reservation fee
  • Appoint a solicitor and, if relevant, apply for a mortgage
  • A homebuyers survey to include formal valuation will be carried out on your current home to make sure there are no serious faults.
  • Get ready to exchange contracts within 4 weeks
  • On exchange, pay a 10% deposit on the difference in price between the part exchange property and your new Bewley Home.
  • As and when the developer is satisfied the property has been left in good repair the monies will be released and you can get ready to move into your new home.

Jane continues:  “Different developers offer different part exchange options.  At Bewley Homes, we would make you an offer based on the three valuations we have arranged as well as the value of other properties in the area.  Location, condition and the general merit of the home will all be taken into consideration before an offer is put forward.*”

Part exchange is currently available on family properties at a number of Bewley Homes developments including:

Parklands on the Woodley / Earley border and just over 3 miles from the commercial centre of Reading.  Prices from £435,000 for a 3 bedroom family home.  Contact Bewley Homes on 0118 9669742 for more information.

*There is no guarantee your property will be accepted for a house part exchange