Part Exchange your home in four simple steps
To find out if your old property qualifies for Part Exchange, speak to one of the Sales Executives responsible for the development you’d like to move to. You can book an appointment online. Let them know where your current home is and approximately how much it’s worth (your existing property should be no more than 70% of the value of the new Taylor Wimpey home you want to buy). If it qualifies, you can go ahead and provisionally reserve your new home there and then.
To make sure we offer you a fair price, we’ll arrange for at least two independent estate agents to value your existing home on our behalf. They’ll assess its selling price, not its asking price. Our Part Exchange Homes Manager may also want to visit your home before making an offer.
Finally, we’ll instruct our solicitors to arrange the survey on your existing home and, assuming all’s well, put the wheels in motion to buy it. You’ll need to instruct your legal advisors too as we’ll arrange the sale of your new home at the same time. To find out more about the detailed stages of buying a home, take a look at our buying guides.
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- Part Exchange is only available on selected developments and homes. Your existing home must qualify with the relevant Taylor Wimpey criteria to be eligible for this offer. It will be considered in England, Scotland or Wales where we have a regional office and is subject to our standard terms and conditions. Please speak to one of our Sales Executives for more information
- Your existing home must be 70% or less than the value of the new home you are considering purchasing. Not all properties can be considered for Part Exchange due to their method of construction or unusual characteristics. Leasehold properties with less than 85 years remaining on the lease or those that include any commercially onerous terms cannot be considered
- To be considered for Part Exchange you will need to have completed in full the Part Exchange application form and new home reservation form and have paid your provisional reservation fee
- You will need to provide access to our appointed selling agents, Part Exchange Manager or our representative within 3 working days from completion of the Part Exchange application form and payment of the provisional reservation fee, for the valuations and inspection of your existing home. If you refuse to provide access, the offer will not be available to you
- Our offer will be made to you verbally as soon as reasonably practicable, unless a different timeframe is advertised for a specific Taylor Wimpey plot. Your acceptance of the verbal offer will be required within 24 hours. Once the verbal offer has been accepted, a form of written offer will be sent to you and your acceptance of such offer will be required in writing within 48 hours of receipt. Upon acceptance, your reservation will be processed and your provisional reservation fee will be refundable in line with the terms and conditions of your Reservation Agreement . If you do not accept our offer, your application and your reservation on the new home will be cancelled and your payment will be refunded
- You will need to ensure your conveyancer is instructed to proceed on your behalf upon acceptance of our offer and to meet our 42 day exchange requirement as per your Reservation Agreement
- For England and Wales, our initial offer will be subject to the RICS survey and valuation and we reserve the right to withdraw our offer should the survey be deemed unsatisfactory. For Scotland, our initial offer will be based on the Home Report value. Any issues or defects raised in either survey that may influence the saleability of your existing home may require you to have these put right at your own expense prior to exchange of contracts or legal completion at the latest. If any defects or repairs are required we will forward the relevant extracts from the survey report for your information and attention
- You will need to allow access for any prospective purchasers from our appointed agents to view and access your existing home at reasonable times. You agree that our appointed agents will also be entitled to erect a ‘for sale’ board at your property
- Any agents appointed by Taylor Wimpey to market your home will be acting on our behalf and should the complete transaction proceed to mutual legal completion any fees and commissions for the appointed agents will be met by Taylor Wimpey. Should either party withdraw from the transaction but you continue to sell your home to any individual introduced to your property by our appointed agents during the period of our instruction, and any such sale proceeds to legal completion, you will be responsible for the agents’ fees and commission (plus VAT)
- Any agents’ fees or commissions (plus VAT) that may have been incurred by you prior to our agreement with you will remain your responsibility. You agree that Taylor Wimpey has no liability towards any such costs or charges
- Certain items are deemed fixtures and fittings within your home and must remain within the property and are included in our offer. Such items include but are not limited to floor coverings, fitted and built in integrated appliances, freestanding cooker, curtain poles, light fittings, shelves, fitted wardrobes and curtains.
Our Part Exchange Manager will discuss these with you and they must be identified on the schedule of fixtures and fittings, which in turn will form part
of our legal agreement. If there are specific items you wish to remove these must be identified with our Part Exchange Manager and duly documented. This may necessitate your replacing of any items removed or carrying out reinstatement of walls, ceilings or floors to an acceptable standard, including the filling of any holes and repainting. Items in the garden including plants, shed and water features are also deemed fixtures and fittings and must remain unless otherwise agreed in writing
- Your property must be maintained internally and externally to an acceptable standard until legal completion and on legal completion must be left clean and tidy including the garden, loft and any outbuildings, with only the agreed items remaining. A sum of £500 will need to be retained by your conveyancer upon completion, which will be released to you subject to your property being left in a satisfactory condition and in accordance with our agreement following an inspection either by our own personnel or our appointed agents. We reserve the right to utilise this retention money to deal with any issues that may be found with any balance money subsequently returned to you. This may include any electrical, gas or plumbing issue or any items remaining that should be in a safe and working order. No rubbish or waste must remain on or in your property on the day of legal completion. If rectification costs exceed £500 you will be responsible for the difference with no maximum limit
- A Corgi or Gas safe service certificate will be required on all gas equipment within your existing home prior to exchange of contracts to certify it’s safe and in a full working condition
- Upon exchange of contracts you will be required to pay a 10% exchange deposit on the difference between the purchase price of your current home and your new home. These cleared funds need to be available with your legal advisor in good time
- On the day of legal completion you will not receive the keys to your new home until completion has taken place on both properties and only once it is confirmed that you have left a minimum of two keys to all lockable doors within the property, garage, sheds and other outbuildings and keys to any lockable windows with our appointed agent or ourselves, along with any alarm codes or keys. You will be notified prior to legal completion where these keys are to be left. Any keys not provided may necessitate a locksmith being instructed on our behalf to replace locks and supply keys, the cost of which shall be paid from the retention money
- You will be responsible for all service company invoices up to and including the day of legal completion. Please ensure you have had all your meters read in order that the final bills can be forwarded on to you for settlement. We will not accept any bills or invoices for periods of consumption prior to the completion date
- Any prepaid service meters must be replaced with standard credit meters prior to legal completion
- Full vacant possession of your existing home will be required upon legal completion
- Both your purchase of the new home and our part exchange agreement are subject to contract until exchange has taken place on both transactions. The offer may require reservation and exchange to have taken place by particular dates, which may vary for different plots
- This offer is subject to confirmation of a full reservation. Our usual reservations and sales terms and conditions apply
- Use of the offer in conjunction with any other offer is at the discretion of the Sales Executive
- The offer may be withdrawn at any time prior to provisional reservation of the relevant plot
- YOUR HOME MAY BE REPOSSESED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE