- Part Exchange is only available on selected developments and homes. It will be considered in England and Wales where we have a regional office and is subject to our standard terms and conditions. Your existing home must be 70% or less than the value of the new home you are considering purchasing. Not all properties can be considered for Part Exchange due to their method of construction or unusual characteristics. Leasehold properties with less than 85 years remaining on their lease cannot be considered.
- To be considered for Part Exchange you will need to have completed in full the Part Exchange application form and have paid your provisional application fee of £500.
- Your details will be passed to a 3rd party to arrange the valuations.
- You will need to provide access to our appointed selling agents within two working days for the valuations and inspection of your existing home.
- No plot can be held while we carry out valuations. It will not be until you agree to the offer and fill out the relevant paperwork that the plot will be taken off the market.
- Our offer will be made to you verbally in the sales office. Upon acceptance your reservation will be processed and your provisional application fee will become non-refundable. If you do not accept our offer, your application on the new home will be cancelled and your fee will be refunded.
- You need to ensure your solicitor is instructed to proceed on your behalf upon acceptance of our offer and to meet our 42 day exchange requirement.
- Our initial offer will be subject to the Homebuyers survey and valuation. Should the valuation be lower than the figure we have agreed with you we may wish to renegotiate our offer. Any issues or defects raised in the survey that may influence the saleability of your existing home will require you to have these put right at your own expense prior to exchange of contracts or legal completion at the latest. If any defects or repairs are required we will forward the relevant extracts from the survey report for your information and attention.
- Client is responsible for any remedials pulled from the home buyers report and structural engineers report (if required) are the responsibility of the client to fund. If the client pays for the remedial work but it is not required on the resale at the completion of the part exchange property it will be arranged that the monies are refunded.
- We will instruct our selling agent to prepare Sales Particulars for your home and commence marketing your home immediately. This will normally include the erection of two estate agents for sale boards and you will need to assist us by allowing potential buyers to view your home at all reasonable times by appointment.
- In the unlikely event if we achieve a sale on your property and you decide not to proceed to legal completion of your new Wain Home you would be liable for any Agents fees in connection with the transaction up to a maximum of 1.5% plus VAT.
- If the Company decides to cancel your reservation after a sale has been agreed on your current property, and you decide to retain that buyer, you will then be responsible for covering the Agents fees.
- You will need to allow access for any prospective purchasers from our appointed agents to view your existing home at reasonable times. Our appointed agents will also be requested to erect a for sale board at your property.
- Any agents appointed by ourselves to market your home will be acting on our behalf and should the complete transaction proceed to mutual legal completion any fees and commissions for the appointed agents will be met by Wain Homes. Should either party withdraw from the transaction but you continue to sell your home to any individual introduced to your property by our appointed agents during the period of our instruction, and any such sale proceed to legal completion, you would be responsible for the agents commission and VAT.
- Any agents fees or commissions and VAT that may have been incurred by you prior to our agreement will remain your responsibility. Wain Homes can accept no liability towards any such costs or charges.
- Certain items are deemed fixtures and fittings within your home and must remain within the property and are included in our offer. Such items would be floor coverings, fitted and built-in appliances, freestanding cooker, curtain poles, light fittings, shelves, fitted wardrobes and curtains etc. They must be identified on the schedule of fixtures and fittings, which in turn will form part of our legal agreement.
- If there are specific items you wish to remove these must be identified with our Part Exchange Manager and duly documented. This may necessitate you replacing any items removed or carrying out reinstatement of walls, ceilings or floors to an acceptable standard, including the filling of any holes and repainting. Items in the garden including plants, sheds and water features are also deemed fixtures and fittings and must remain unless otherwise agreed in writing.
- Your property must be maintained externally to an acceptable standard until legal completion and on legal completion must be left clean and tidy including garden, loft and any outbuildings with only the agreed items remaining. A sum of £500 will be retained upon completion, which will be released to you subject to your property being left in a satisfactory condition and in accordance with our agreement following an inspection either by our own personnel or our appointed agents. We reserve the right to utilise this retention money to deal with any issues that may be found with any balance money subsequently returned to you. This may include any electrical, gas or plumbing issues or any items remaining that should be in a safe and working order. No rubbish or waste must remain on or in your property on the day of legal completion. If rectification costs exceed £500 you will be responsible for the difference with no maximum limit.
- A Corgi or Gas Safe service certificate or NICEIC electrical certificate will be required on all gas and electrical equipment within your existing home prior to exchange of contracts to certify it’s safe and in a full working condition.
- On the day of legal completion you will not receive the 2 full sets of keys to your new home until completion has taken place on both properties and only then when it is confirmed that you have left a minimum of 3 full sets of keys to all lockable doors within the property, garage, sheds and other outbuildings and keys to any lockable windows (a set of each for the two estate agents and one set for our Sales Executive) along with any alarm codes or keys. You will be notified prior to legal completion where these keys are to be left. Any keys not provided may necessitate a locksmith being instructed on our behalf to replace locks and supply keys, the cost of which would be from the retention money.
- You will be responsible for the service company invoices up to and including the day of legal completion. Please ensure you have had all your meters read in order that the final bills can be forwarded on to you for settlement. We will not accept any bills or invoices for periods of consumption prior to completion date.
- Any prepaid service meters must be replaced with standard credit meters priors to legal completion.
- Full vacant possession of your existing home will be required upon legal completion.
- Both your purchase of the new home and our Part Exchange agreement are subject to contract until the exchange has taken place on both transactions.
Part exchange scheme terms and conditions
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