Part Exchange And Assisted Move Increase In Popularity

The stress and the length of time the moving process takes are two very real problems house buyers are currently facing in addition to a lack of available stock on the market. Andrea Fawell, sales and marketing director at Kebbell explains what the two schemes involve.

“Part Exchange is when a developer offers to buy your current home for an agreed price, which serves as part of the payment towards a new build home that you are buying from them. A developer will instruct up to three local estate agents to value the home you are selling and if interested will then make a cash offer. We aim to get an offer to our buyers within seven days after valuation.

“Any existing estate agent fees will be paid by the developer who then markets your original home and sells it. The stress and uncertainty of being in a chain is avoided and the moving process can be sped up considerably and you are guaranteed a sale once you and the developer agree a price, and your new home is reserved for you. An added bonus is developers may offer you up to seven days access to your former home post purchase so you can move in at your own pace.

“Generally, your existing property needs to be worth more than 65% of your future property and should be in good condition and structurally sound, and if it is a leasehold should have more than 80 years left on the lease.

“Part Exchange is particularly beneficial as it allows buyers to stay in their current home until their new build is ready which counteracts possible build delays which have come around as a result of the pandemic and Brexit.”

“Assisted Move Schemes are offered to buyers who are looking to buy a new build home from a developer and want to sell their house in the shortest time possible – typically in four to six weeks. In this scheme their current home is sold on the open property market as normal, but agency fees are typically paid for by the developer, valuations are free and expert help and advice are offered to help sell your property, making the process as easy and hassle-free as possible.

“At Kebbell, both schemes are available at all of our developments and are offered on a case by case basis, depending partly on the current house a buyer is selling. At our Cornelian Fields development, in Scarborough, approximately 35% of our buyers have used the Assisted Move scheme to speed up their sale. At two of our developments in Berkshire, Wintersbrooke and Osborne House, Part Exchange is proving more popular, as potential buyers who are downsizers are benefiting from the ease of sale that this scheme provides.

“Both of these property schemes mean that buyers don’t have to pay estate agents fees which typically range from 1-3% of the home’s sale price saving the buyer thousands of pounds. The selling process is also usually far smoother, simpler, quicker, less stressful and more reliable. The schemes, in particular Assisted Move, also have a knock on advantage of speeding up the buying/selling process thereby freeing up more properties for sale in a market that lacks available supply.”

Find out more about Kebbell and the developments currently available