Part Exchange Process Explained
Jonathan talks about the part exchange process, how it works and things to be aware of when deciding if it's the right route for you to sell your house.
What is part exchange when selling your house and how does it work?
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We often get asked what is the part exchange process and what does it mean, well this is generally used by people buying property that's newly built.
Developers will sell a new flat for example, and as well as taking a chunk of cash for the property, they will also take in the property that the buyer is currently living in. It cuts out all problems for them, such as chain issues or the potential for the property to fall through.
However, I think it's worth making you aware that you generally don't get the full market value for your property if you part exchange it. It will be something around 85-90% normally, that the developer is willing to pay.
That way, of course, they keep a little bit of margin in there for themselves, as profit, and also can also help to cover all the costs and so on, when they then subsequently sell your property.