Part Exchange is the process of exchanging your existing home for another property. It could be within the UK or abroad, for example France or Spain.
Once you find an exchange 'partner' , a cash difference is paid by you or your buyer depending whether you are upgrading or downsizing. The buying and selling transaction is done through solicitors in the normal way. Here's some examples:
- Kevin and Angie are UPGRADING. They have a two bedroomed apartment. They are starting a family so would like to sell their apartment and buy a 3 bedroomed house with a garden. James and Doreen are DOWNSIZING. They are retiring. They want to sell their 3 bedroomed house and would like to buy an easy to maintain apartment. Both couples live in the same location and wish to stay in that area. They agree to be part-exchange partners. The AGREED price of the apartment is £250,000 and the AGREED price of the house is £350,000. When both couples contact their solicitors, Kevin and Angie will arrange to sell their apartment to James and Doreen and pay them an additional £100,000 as they are UPGRADING. They get that great family home ! James and Doreen will arrange to buy Kevin and Angie's apartment and get £100,000 to put in the bank for those extra holidays and presents for the grandchildren ! This is the benefit for them of DOWNSIZING.
- Jean and David have a 4 bedroomed house in the UK. They are RELOCATING to sunny Spain. Richard and Monica have a 3 bedroomed villa on the Costa Blanca in Spain. They want to RELOCATE to the UK to be with family. The AGREED price of the UK house is £480,000. The AGREED price of the Spanish villa is £395,000. If the couples decide to become part-exchange partners they each appoint a solicitor .[NOTARY in Spain] Richard and Monica pay the additional £85,000 for buying the house in the UK and being close to family. Jean and David get a lovely villa in Spain and £85,000 in the bank when they sell their UK home to Richard and Monica.
- Selling via an estate agent can be a slow and uncertain process, particularly at this time. It can easily take ages to sell , which may mean losing the property you want to buy. Opportunities to sell are limited especially in a poor market and PART-EXCHANGING could be the answer.
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PLEASE NOTE: Le Cle are only responsible for putting potential buyers and sellers in touch with one another. We are not lawyers and do not deal with any legal matters in respect of sale and purchase. We are not responsible for checking ownership or condition of properties. This is the responsibility of buyers and sellers and their respective legal representatives. We cannot offer advice and do not provide any loans or mortgages in respect of house purchases.