Quizzes & Puzzles17 mins ago
Part exchange on a house
5 Answers
Hi,
I'm looking to move house. The market being as it is i'm considering part exing my property.
Its worth around £140,000 Typically what value of house would I have to go up to. I'm assuming I cant part ex for the same value!
Thanks
I'm looking to move house. The market being as it is i'm considering part exing my property.
Its worth around £140,000 Typically what value of house would I have to go up to. I'm assuming I cant part ex for the same value!
Thanks
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.When I ennquired some time ago, they were looking for you to increase by 30% the value that they gave on your house. So if your value is correct, then you would be looking at about £182000. It would be worth asking them though as the criteria may have changed. We didn't do it in the end as we didn't really want to upscale our mortgage and didn't need a bigger or more expensive house - we just fancied a move and thought that we might get a good deal without having to rely on selling our property.
Red, it's still money in the bank for them as they have the price difference between what they sold the new house at at what they gave you for your old one, this is why they insist on a price differential. Not obviously as much as it is when you buy outright and they don't have your property to sell, but enough to keep them ticking over.
Count, they will usually include all the fees into the deal meaning you can add them onto your mortgage (costs a fortune in the long run but means you can get moving quicker).
Red, it's still money in the bank for them as they have the price difference between what they sold the new house at at what they gave you for your old one, this is why they insist on a price differential. Not obviously as much as it is when you buy outright and they don't have your property to sell, but enough to keep them ticking over.
Count, they will usually include all the fees into the deal meaning you can add them onto your mortgage (costs a fortune in the long run but means you can get moving quicker).