29 June 2020
Part Exchange is a quick and hassle-free way to buy a new St. Modwen Home when you have an existing property to sell. It takes away the stress of selling your old home and can be a cost-effective and quicker process than a normal 'chain-sale'. We asked you what you wanted to know, and our Part Exchange Manager has delivered!
No time to read? Watch our video here
What is Part Exchange?
Part Exchange is an easy way of buying your new St. Modwen home. We will arrange with two estate agents to value your property, based on that we'll make you an offer. And it will mean that you have a guaranteed buyer chain-free and hassle-free.
How much does part Exchange cost?
With the initial process of part exchange, the application process is totally free. We would arrange the estate agent's evaluations, and they are totally free too. There is a normal reservation fee once we've made you an offer to reserve your new St. Modwen home.
@rushtonbecca asks... How long does Part Exchange take?
With Part Exchange, the initial application process will take no longer than seven days. We'll aim to get an offer to you within that time. Once you reserve your new St. Modwen home, it will all depend on when that home is ready. But it's a great way of being able to move into your new St. Modwen home very quickly, especially if the home is ready-built.
@mju1989 asks... Can I use Help to Buy in conjunction with Part Exchange?
With Part Exchange, unfortunately, you cannot use the government's Help to Buy scheme. On that basis, if you need to use the Help to Buy scheme, we would look at an assisted move scheme instead. Which is where we help you sell and buy your property from you.
@kaylegard asks... Are there any restrictions, and how much does my property have to be worth?
With Part Exchange, there are certain restrictions based around your current property. So we will look at leasehold properties, although we don't look at listed properties, and there needs to be a 30% differential from the new St. Modwen home that you're buying to your existing home. So for example, if your St. Modwen home is £300,000, your existing home needs to be less than £210,000.
How do you value my home?
When we request valuations from two local estate agents, they will look at varying market conditions and properties that have sold recently nearby. They will then provide us with the figures full Part Exchange, and we will offer you a full market value based on their recommendations.
Will I get the market value for my home?
When estate agents value your property, they will provide us with the valuations, the marketing figures, and we will make you an offer which is full market value. So you will actually receive a fair market price for your property. There won't be any reason for us to offer you a lower price.
Will I need to let people in to view my home?
Whilst your property's on the market, it will be as if you've put it on the market yourself, and you will need to arrange viewings with the estate agents, and let anybody in that wishes to view your property as per the process and the terms and conditions of the Part Exchange. If you do this and the property sells whilst you're still living there, don't there is the £250 bonus that you will receive.
What happens if my home sells before I am ready to move?
If your home sells while you're still living there, that's not a problem. You will move into your St. Modwen home when it's ready, and the new buyers of your home will move into your home once you've moved out. If nobody will go buy property, don't worry because St. Modwen Homes have bought your property. Once you move into your lovely new St. Modwen home, it becomes our responsibility.
What do St. Modwen Homes do differently?
With our Parts Exchange scheme, we also have a Part Exchange Max scheme, which is a way of getting you even more money. And what we will do with this is, put your property on the market for a period of four weeks and try and sell your property initially. And if we do sell then you get the extra money. If we don't sell it in that time, you will automatically be on a standard Part Exchange scheme, and we will buy your house from you. In the Part Exchange Max scheme, you do also get removal costs included.
Share this article: