Part-exchange conveyancing increase
25 November 2011
Whilst some areas of the Scottish housing market show signs of slow growth, recent news reports may show that the market is beginning to stagnate in some regions, with prices achieved for property remaining static in recent months, or many sellers having to accept lower offers than they had expected. However, there is an alternative for those who want to move but are struggling to sell. Part-exchange is an increasingly popular choice in the housing market, with HMRC statistics showing that approximately 4000 such part-exchange transactions were registered in 2010/11.
The process involves purchasing a new-build home from a developer, who will properly assess the value of your home, and purchase it from you to offset the cost of the new property. The process is much like trading in an old car for a new one. In some cases, third party agencies will act to conclude the deal. The benefits are a swift transaction and a guaranteed buyer when you need it, and no chain to worry about. However, be aware that the price you are offered may be less than if you sell the property on the open market.
Of course, buying a new build isn't for everyone, with many people preferring to pay a premium for older stone-built property with period features and generous proportions. However, new-builds will come with building guarantees and can often be extremely economical to run; thermally efficient building methods mean cheaper bills in the long term and the trade off for smaller room dimensions is less space to heat.
Inksters have seen the amount of part-exchange conveyancing transactions we undertake increase sharply recently. If you would like advice on the part-exchange process and the benefits to you, or you would like assistance with any other conveyancing matter please get in touch with us.
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