Make your move to a new home with part-exchange
Fenn Wright are pleased to have partnered with Spring, the largest home buyer in the UK, to offer part-exchange at a selection of the new homes developments we are marketing. Established in 2007, Spring have over £300m in guaranteed funding, helping to deliver homebuying services and make selling your home easier, faster and stress free.
What is part-exchange?
Part-exchanging a property is very similar to when you part-exchange an old car for a new one. Instead of selling your property through an estate agent, the new-build developer buys your home directly from you, meaning you don’t have to wait to find a buyer on the open market. Once you agree your part-exchange sale with the developer, it is guaranteed to complete, meaning you are free to move into your new property when it suits you.
Depending on the price of the new build you are wanting to buy, if it’s a more expensive property you are buying, then you pay the difference between the old and new home. Or, if the new build property you are buying is cheaper, the remaining equity is released, which is ideal for retirees, anyone downsizing or those requiring a lump sum.
How does it work?
If you choose to part-exchange with Spring, the sale is pretty much like any other house sale, but instead of putting your house on the market, Spring is the purchaser. It doesn’t matter if your property is already on the market, Spring will be able to make you a part-exchange offer – and there’s no need to update or decorate, they will buy your home as it is.
Once you have chosen your new home on a development that is working in conjunction with Spring, the developer will take some information from you and they will be in touch within 24 hours. Their experienced underwriting team will value your property, along with two independent local estate agents and a free survey from the Royal Institution of Chartered Surveyors (RICS), if required.
A no obligation offer is then made to you – there are no contracts to sign – and if the offer doesn’t work for you there is no commitment, and you can put your property on the open market. If you accept the offer, the part-exchange process begins and a completion date is set to suit you, with no risk of it falling through.
How long does the whole process take?
Spring can work to your timeline and can complete the home buying process in as little as 7 days. Typically, most people want to complete in 4 – 8 weeks to allow time to plan their onward move. Spring also offer an additional 14 days post completion to allow you access to your old property, meaning you can move at your own pace.
Which new homes developments are offering part-exchange?