If you are a homeowner looking to buy a new-build property but are worried about selling your current home, then Part Exchange could be a great option for you.

What does it mean to Part Exchange?

Part Exchange property buying is when you already own a home that you would like to sell to a developer, in exchange for a new home. It is a similar concept to buying a car part exchange.

Blueoak Estates will buy your current property from you so that you can use the funds to buy one of our stunning new-build properties.

How does Part Exchange homebuying work?

Our team at Blueoak Estates will receive valuations of your current home independently from different estate agents. We will then make an offer to you based on these valuations. Once you accept our offer, you will then need to seek the help of a conveyancer, as well as arrange a mortgage for your new property (if required).

We will have a survey completed on your current home and will let you know if any findings will affect the value that we can pay you.

Blueoak Estates will work together with your estate agent to help find a buyer for your current home and provide you with a hassle-free buying process for your new-build home.

What are the benefits of buying property through Part Exchange?

Buying a new-build home through Part Exchange means you won’t become part of a complex chain and the process will be much quicker as a result. There is also a lower risk of the transaction falling through, so you won’t have the worry of losing money in the process.

Buying a new-build home directly from the developer also means you won’t be paying out for expensive estate agency fees and you can avoid the hassle of arranging viewings of your property.

Are there any rules or criteria with Part Exchange?

Part Exchange is only currently available on new-build homes.

We also expect your current property to be approximately two-thirds of the value of the home you are looking to buy. However, this is only an estimate and we can provide all the guidance and support you need on valuations and the buying process.

Will I need a deposit for Part Exchange?

No, as it will work in a similar way to when you are selling your current home before buying your next property – equity from your current property can be put towards the value of your new home.

Can I Part Exchange using Help-to-Buy?

Most of the current Help-to-Buy schemes are designed to help people onto the property ladder, so Part Exchange is therefore not a viable option.

You can, however, Part Exchange your home through the Shared Ownership scheme if you are currently a shared owner.

Will buying a new-build home through part exchange affect stamp duty?

You will still be eligible for Stamp Duty Land Tax (SDLT), however, you should consider making the most of the stamp duty holiday before the deadline next year.

Until the end of March 2021, there will be no SDLT applied to homes valued under £500,000. The rate then increases depending on the value of the property. From 1st April 2021, the SDLT rates will then change to:

Part Exchange can benefit you if you are liable for SDLT. If your current home isn’t sold before buying your new property, you will be liable for the higher, multiple properties rate of 3% on top of the standard SDLT rate. Buying through Part Exchange means you will avoid these extra charges, as Blueoak Estates will be buying your home from you as part of the process.

Can I downsize using Part Exchange?

If you are downsizing, you can buy a new home through us using Part Exchange, providing your current home is around 66% of the value of the property you are looking to buy.

Which property developments have part exchange available?

Part Exchange will be considered for all Blueoak properties.

For more information on buying part exchange through Blueoak Estates, please contact us on 01244 310 050 or email sales@blueoakestates.co.uk.