The following steps outline the process you will need to follow before the part-exchange transaction can be progressed.
Firstly contact your local Estate Agents to find out which new property developments in your location offer part-exchange options.
After choosing your desired property, the developer will arrange for your existing home to be valued.
You will then be made an offer (subject to survey) based on the average price of the valuations. This is usually 90-95% of the market value of your property.
Next you will need to appoint a property solicitor and apply for a mortgage, our Guide to Buying provides more information on this.
On accepting the offer you will need to pay a reservation fee and complete the developer's plot reservation documentation.
A survey will then be carried out on your current home to check it has no serious faults.
Providing the survey doesn't uncover any problems, contracts will usually be exchanged within a four week period.
On exchange of contracts you will usually be required to pay a 10% deposit. A predetermined proportion of this deposit will be retained by the solicitor to cover the part-exchange property.
As and when the developer is satisfied that the property has been left in good repair, the monies will be released by the solicitor.