Part Exchange

A quick and easy way

to secure your new home

Part Exchanging your old property for a new home is now an accepted method of achieving a quick and easy property purchase. Although it can be used for buying older property, it is most commonly used when you are buying on a new development.

From the outset, it is important to understand that with the benefit of the quick and easy sale and purchase, part exchange generally requires a compromise – you are likely to be offered less the ‘normal’ open market value for your existing property. However, it should be equally understood that, in order for the process to be successful, you and the developer need to agree a fair price for your existing property.

Although there are no set rules for valuing property in part exchange cases, the developer, or a specialist part exchange company, should make their offer based on a valuation obtained through the use of surveyors, estate agents and/or market data. Once the purchase price has been agreed, and the necessary surveys and checks have been carried out, it is a matter of proceeding with the conveyancing as quickly as possible to ensure that your existing property is sold and the new property is purchased within the time frame set by the developer.

Not only are part exchange deadlines generally tight, but each developer and/or part exchange company will also have their own terms and operating procedures, so obtaining independent specialist advice is recommended.

At County Solicitors, our Part Exchange (PX) Department is hugely experienced in acting for part exchange purchasers on new builds, retirement homes and park homes. The developers and their partners have come to trust the levels of service that we supply to the individuals purchasing their property.

Working with both new build and existing properties, the experienced staff within the PX Department have a thorough understanding of both the seller’s and buyer’s requirements, including the ability to meet those tight deadlines.

Although we work closely with numerous developers, it should always be remembered that we act for you, the client purchasing your new home. Our duty is to advise you and act in your best interests. We endeavour to remove the stress for you; answering your questions, undertaking the transaction quickly and efficiently and dealing with third parties on your behalf.

The PX Department generally deals with both sides of the conveyancing transaction - the sale of your existing property to the developer, or part exchange company, and the purchase of your new home. While most solicitors have experience of the process involved in a typical home sale and purchase transaction, you will need specialist legal support if you are dealing with a part exchange sale and purchase.

For many years, we have worked closely with developers, part exchange companies and industry agents; as such, we have a thorough understanding of the broader workings of the industry and the specific requirements of the transaction and the development itself.

We are aware that issues that can arise with these transactions and take steps to ensure that these are dealt with in advance. With our experience and processes, Fosters Law are able to achieve very quick completions. We hope that the above is helpful.

The Part Exchange Department works closely with developers, part exchange companies and industry agents. In particular we have a good working relationship with Quick Move Properties and assist many mutual clients.