Want to sell up and move home quickly? Don’t want to go through the hassle of the selling process? Part Exchange is a fast and efficient way of buying a new build home.
Part Exchange is when you sell your home to a property developer in exchange for a new, new build home. It turns the buying process into a single transaction, eliminating a lot of the back and forth that usually comes with moving house.
The price of your old property is then taken from the value of your new one, making it easier to afford your dream home. You can only purchase a new build property with this scheme, although you can still exchange a period home. We’ll sell this on ourselves, taking the hard work off your plate.
Part Exchange is increasing in popularity, especially for families looking for a hassle-free move or those needing to relocate.
Exchanging your home is relatively straightforward. However, the process can vary, depending on the developer.
With Persimmon, the process generally involves:
It takes six months on average to buy and sell a home, depending on the chain, market conditions and financial situation. If you’re relocating and are against the clock, Part Exchange ensures a quicker sale and makes move-in day one step closer.
It’s not just the pressures of a quick move that appeals to sellers. The traditional selling process can come with a few bumps, from awkwardly negotiating with buyers, working with multiple parties and people just pulling out altogether. While it’s all worth that feeling of finally unlocking the door on your forever home, Part Exchange provides an easier route.
You may also have already embarked on your selling journey, but are still looking for the right buyer. Part Exchange removes the hassle from the buying and selling process, guaranteeing a smooth sale without arranging viewings or liaising with multiple parties.
When selling your home, there’s usually a risk of your sale falling through. With Part Exchange, buying and selling are streamlined, turning the process into one transaction. We’ll buy your home, with you receiving funds from the purchase on completion day, so you can move into your new home quickly and easily.
We’ll then work with estate agents to evaluate and sell your current property, so all you have to do is concentrate on your new home. You could even be collecting your keys in a matter of weeks.
Part Exchange is another way to help you take another step up on the property ladder, potentially unlocking new locations that were previously out of your reach.
As part of the scheme, your home must be worth no more than 70% of your desired new build. This means that if your home is worth £196,000, you can buy a property of at least £280,000 - a serious step up.
This is especially valuable if you’re looking to move to a more affluent location and not actively looking for a larger home. However, sometimes there can be flexibility on this. If you’re interested in using Part Exchange on a Persimmon home that’s less than 30% more than your current home, speak to our sales teams. We can evaluate your property and might be able to support you with Part Exchange on a smaller price differential.
As well as being able to buy a larger home or move to a more expensive area, Part Exchange also makes moving more affordable by reducing the costs that usually come with buying a house.
Unlike the traditional process, you’re not doubling up on solicitors or valuations - we sort the surveys for your current house, so you only need a solicitor for your new build. You only need to focus on arranging your mortgage and the pre-and-post inspections for your Persimmon home. We’ll even cover the estate agency fees, saving you thousands of pounds as a result.
The Part Exchange scheme can also help cover your deposit. You can use the funds obtained from the sale of your old home, so you don’t need to worry as much about saving for a down payment. Any money you’ve saved can be used to turn your house into a home instead.
Buying a home is an exciting, rewarding experience. But it can also feel overwhelming with lots of unknowns - even if you’ve done it all before. Timelines change, sales fall through, and all the jargon only adds to the confusion (read our mortage jargon buster guide here).
Part Exchanging your home can alleviate some of this stress, as you have a guaranteed buyer at the end of the journey. You’re not working with a large number of parties to buy and sell, and you can be confident that there’s less risk of breakdowns and that timelines are more rigid as you’re not stuck in a chain.
You can also live in your current home until completion day, making the process more convenient for you and your family.
We believe in making your home buying journey as smooth and hassle-free as possible. This is why Persimmon is excited to offer a Part Exchange scheme - it’s a hassle-free way of securing your next home.
We’ll work with the estate agents on your behalf to arrange independent surveys on your current home, ensuring that you receive a fair deal. We can also recommend solicitors to represent you during the process, if you don’t already have one. make the process even easier and provides further peace of mind.
You’ll receive the same levels of customer service when reserving your new home. As part of our Persimmon Pledge, we’ll keep you informed about your new build every step of the way. You’ll be up to date with the construction process and even see fixings and fixtures, which - depending on the process of your build - you can personalise to fit you. You can inspect your home pre and post-completion, making sure that you’re 100% happy with your new build.
To kickstart this straightforward process, simply reach out to our sales advisors, and we’ll take care of the rest.
As with every home buying scheme, part exchange isn’t for everyone. Depending on your circumstances, some elements of the scheme may deem you as ineligible, such as:
If you’re unsure whether part exchange is worth it or not, then speak to our team or a financial adviser, who can help you decide on what’s best for you and your family.
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