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Part Exchange Guide

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 is Part Exchange?

Part Exchange is trading one item for another. Simply put, Part Exchange allows you to trade in your current property as partial payment for a beautiful Blueoak home. If you are eligible, we organise the sale of your current home from start to finish. With no estate agency fees, no property chain and no delays, Part Exchange is a quicker, easier and less-stressful way to sell your existing home.

How does Part Exchange work?

Step one

Value your property

We will appoint estate agents to provide independent valuations of your existing property

 

Step two

Make you an offer

Based on the independent valuations, we will make an offer. Any offer will be subject to a survey.

Step three

Appoint a solicitor

If you choose to accept our offer, you will then need to appoint a conveyancer and arrange a mortgage.

 

Step four

Survey your home

We will arrange for a survey to be carried out on your existing home and inform you if any findings affect the value.

 

Step five

Exchange contracts

If the survey doesn’t show any points of concern, contracts will be exchanged and you will be asked to pay a deposit.

 

Step six

Move in and enjoy

The sale is complete and it’s time for you to move in and enjoy your beautiful new home.

 
 

What are the benefits of a Part Exchange scheme?

Guaranteed sale

With Part Exchange, we would be your guaranteed buyer so there is no risk of the sale falling through and you could move into your new Blueoak home sooner rather than later.

No estate agent fees

The Part Exchange scheme means you won’t need to use an estate agent which can save you thousands of pounds that you would have spend on fees.

No property chains

Part Exchange removes the unpredictability and stress of a property chain. There is no risk of a buyer pulling out, preventing your move and costing you money.

Fair price

You’ll get a fair price for your existing home based on independent valuations.

Less stress

Less stress Part Exchange is quicker, easier and less stressful than the traditional way of buying a home. You won’t need to arrange any viewings of your existing property or have awkward negotiations with potential buyers.

Are there any rules or criteria for the Part Exchange scheme?

Not everybody is eligible for the Part Exchange scheme. Your existing property should be worth approximately 65-75% of the home you are looking to buy. It should be in good condition and structurally sound and the location and saleability are also important factors.

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.

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 on March 31 2021. The stamp duty holiday applies to homes valued under £500,000. 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 you meet our eligibility criteria.

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Benefits of buying a Blueoak Home

Blueoak Estates is an award-winning housebuilder dedicated to creating homes and apartments
which are distinctive by design with luxury finishing touches to suit a modern lifestyle.

Bespoke Homes

Crafting beautiful spaces where memories are made.

Handpicked Locations

Building in the most enviable locations in the North West.

Luxury Specification

Featuring quality brands such as Velux, Silestone and Bosch.

Building Standards

Protecting our environment and embracing sustainability.

Healthy Homes

Prioritising fresh air and daylight in every Blueoak scheme.

Eco-conscious Construction

Reusing and recycling energy efficient materials where possible.