Part Exchange Terms and Conditions
To consider your home for part exchange it must meet the following criteria:
i. Be less than 100 years old
ii. Must not be worth more in value than 70% of any plot you are wishing to purchase
iii. Must not be listed
iv. Must be of standard construction
v. Must be in England
- If you are already on the market we recommend you speak with your marketing agent prior to committing to a part exchange agreement, given you may be liable for fees under any agreement you have signed with any agent, even if you part exchange your home. Any fees in this respect are your liability.
- Throughout the process prior to exchange, we reserve the right not to offer or to buy your home.
- We require a £1,000 deposit to instigate the part exchange process. This will be held until we have made and you have accepted a verbal offer, or returned in full, should we decide not to make an offer, or should any offer we do make be unacceptable to you.
- Once we have instigated the process any chosen plot will be placed on hold until 48 hours after we have either made you an offer or declined to offer. The plot price will also be fixed during this period.
- You will be required to complete a valuation request form, which will be shared with The New Homes Group (TNHG) who is our part exchange coordinator. The TNHG will use this information to contact you and to arrange access for up to three independent estate agents for market valuation purposes. Access is usually required within five working days of the valuation request being received by TNHG. They will further use your information along with marketing agent and other research to compile a valuation report. We will use this report to determine whether to offer on your home and if so at what price.
- There is no obligation on you to accept any offer we make.
- You can withdraw from the process at any time prior to contracts being exchanged. Providing this occurs before any survey has been undertaken on your home, there will be no charge for your withdrawal.
- If we make and you accept a verbal offer, your £1,000 will become the formal reservation fee and our normal terms and conditions of reservation will apply. These will be explained as part of the full formal reservation process, which should take place once you have received, read, understood and signed our formal offer letter, which we will send to you. You will be required to return a signed copy of this letter to us. Should you wish to review the terms of reservation and the process prior to committing, your sales consultant will be able to assist you with this.
Please note, all offers are subject to the following conditions:
ii. Satisfactory survey and/or satisfactory visit from a member of staff
iii. Standard terms and conditions of reservation
iv. Confirmation the part exchange address is your main residence and will receive stamp duty relief
v. A signed copy of our offer acceptance letter
10. Once in receipt of a signed copy of our offer acceptance letter, we will instruct our solicitor and surveyor to proceed. If as a result of our surveyor’s report, it becomes necessary to either retract or renegotiate our offer and as a result the part exchange does not proceed, we will refund £580 of your reservation fee, which represents the reservation fee of £1,000, minus the survey fee of £420. Reasons to retract or renegotiate can result from but are not limited to, matters such as property condition or a lower valuation than that we have offered you for your property.
11. TNHG will also be instructed to market your home once we are in receipt of a signed copy of our offer acceptance letter. TNHG may use single or multiple estate agencies to do this. We will require you to undertake viewings on our behalf and these will be arranged directly by TNHG. To show our appreciation, if a buyer for your home is found while you are in occupation and the buyer subsequently completes on the purchase, we will pay you a bonus payment of £1,000. This will not apply should any buyer found during your occupation fail to complete or if a buyer is found once you have vacated the property.
12. We will hold a £1,000 retention fee against your property upon legal completion. This will be released along with the bonus payment if due (see 9. above), once we are in receipt of a satisfactory vacate report from one of the marketing estate agents. Any release/payment is usually dispatched no later than 28 days after we have completed on the purchase of your home. Should a non-disclosed matter arise the retention payment may be used to cover any associated costs. A non-disclosed matter may be but is not limited to, removal of items or materials left in or at the property, the condition of the walls and floors, the cleanliness of the property or a faulty appliance such as a boiler or leak. In the unfortunate event the retention is required to cover such a matter, we will refund any unspent balance.
13. Any offer is made on the basis that all carpets, other floor coverings, fitted appliances and curtain poles/tracks, remain at your property. Light fittings can be removed and where they are a pendant and bulb must be fitted in its/their place. Valid satisfactory electrical and gas safety certificates will need to be provided.
14. In addition to the terms and conditions of our offer you must also agree to comply with the following in connection with the part exchange property:
i. Allow any estate agencies appointed by TNHG to erect a ‘For Sale’ board outside of your home if they desire
ii. In order to ensure that viewings can be carried out whilst you continue to occupy your current property you will allow prospective purchasers reasonable access for viewings. In the event you are unable or unwilling to provide reasonable access for viewings we will require you to provide a key to one of TNHG’s appointed estate agents for pre-arranged viewings to take place. Any viewings under this arrangement will only take place with the prospective purchasers being accompanied at all times by a representative of TNHG’s appointed estate agent.
iii. You agree to pay TNHG a fee of 2.5% + VAT of the sale price of your home, should you decide to retain any buyer they have sourced but not to continue with the purchase of a new home from Hopkins Homes on a part exchange basis.
We request every effort is made to accommodate viewings by potential purchasers of the part exchange property whilst you are in occupation.
15. On the basis you complete your purchase of one of our new homes as a result of this part exchange arrangement, we will pay the estate agents fees incurred in selling the property taken in part exchange. We will not pay them in any other scenario.