Buying your home - Part exchange terms & conditions

Buying Your Home

Part Exchange Terms & Conditions

Part Exchange Terms & Conditions

1 ) To be able to consider your home for Part Exchange/Part Exchange Plus it must meet the following criteria:

  • Be less than 100 years old
  • The property must not be worth more than 70% of the plot purchase price and have a value of no more than £500,000
  • The property must not be a listed building
  • It must be of Standard construction
  • The property must be in England
  • It must be your main residence for the last six months
  • The property must be freehold
  • Plot completion must be anticipated within 16 weeks of the Part Exchange application being submitted

2 ) If your property is already on the market, you must speak to your estate agent prior to committing to Part Exchange, as you may be liable for fees under an agreement with your agent even if you Part Exchange your home. Any fees in this respect remain your liability.

3 ) Throughout the Part Exchange process Hopkins Homes reserve the right not to make an offer or withdraw from the agreement at any time.

4 ) Once the application form has been submitted the plot selected will be placed on hold until 48 hours after our offer acceptance letter has been issued to you. After this time your selected plot will no longer be on hold, unless otherwise discussed with your sales consultant.

5 ) To proceed with your application, we require a £1,000 deposit. This will be held until you have accepted or declined Hopkins Homes offer or returned in full should our offer be unacceptable to you or should Hopkins Homes decide not to make an offer. If you accept our Part Exchange offer the £1,000 will become your formal reservation fee and refunded to you upon completion as outlined in point 12.  Should you decide to withdraw from the Part Exchange scheme at any time between signing the acceptance letter and your new home reservation expiry date Hopkins Homes will retain any necessary administrative costs as per our reservation terms and conditions.

6 ) Hopkins Homes will instruct a minimum of three estate agents to contact you directly and arrange valuation appointments within two working days of your application being submitted. We ask all valuation appointments to be scheduled within five working days to avoid delays with your application.

7 ) Once all valuation appointments have been carried out, Hopkins Homes will review the agents reports, comparable properties and market conditions to decide whether to make an offer under our Part Exchange or Part Exchange Plus scheme. The offer will be communicated to you by your sales consultant, and if you decide to accept our offer Hopkins Homes will provide you with our acceptance letter which we will require you to sign.

Please note all offers are subject to;

  • A satisfactory survey
  • All floor coverings, fitted appliances, curtains/blinds and light fittings to remain in the Part Exchange property
  • A ‘For Sale’ board to be erected outside your home
  • Gas safety & Electrical certificates and boiler service being provided. This is to be arranged and paid for by the homeowner if these documents are not already available or have been carried out within the last 12 months

8 ) If because of Hopkins Homes surveyor’s report, it becomes necessary to either retract or renegotiate our offer, or as a result the Part Exchange does not proceed, we will refund £500 of your reservation fee. This represents the reservation fee of £1,000, minus the survey cost of £500. Reasons to retract or renegotiate can result from but are not limited to, matters such as property condition or a lower valuation than our original offer for your property.

9 ) Once in receipt of a signed copy of our acceptance letter Hopkins Homes will instruct up to three Estate agents to market your home. The agents will book all viewings directly with you. Any offers will be reported directly to Hopkins Homes from the agents so we can assess the interested parties’ position and capability of proceeding to exchange of contracts and legal completion within the required timeframes.

10 ) Should a buyer be found for your property whilst you are still in occupation, we will pay you an early sale bonus of £1,000 to show our gratitude for you carrying out viewings of your home. This early sale bonus will not apply if the buyer does not proceed to complete on the purchase of your property.

11 ) On the basis you complete your purchase of one of our new homes as a result of this Part Exchange or Part Exchange Plus arrangement we will pay the estate agents fees incurred. We will not pay them in any other scenario.  You will stay in your existing property until your new home is ready to move in to.

12 ) Hopkins Homes will hold your £1,000 reservation fee as a retention fee after legal completion until we are in receipt of a satisfactory vacate report from the selling agents. Should any works be needed such as removal of items, cleaning or faults to appliances such as boiler, then the retention payment may be used to cover any associated costs. Alternatively, if the vacate report is satisfactory the retention fee will be released no later than 28 days after legal completion of your new home.