1. Part Exchange is only available on selected plots and developments in England, Wales or Scotland and is subject to our standard terms and conditions. Part Exchange will only be available where the existing property being traded in is no more than 80% of the selling price of the plot you are considering purchasing, up to a maximum value of £500,000.
2. All properties shall need to be considered for Part Exchange to establish their method of construction or unusual characteristics. Barratt Homes are under no obligation to make an offer.
3. Any offer made to purchase your existing property will be at fair value and will be based on a presumed sale of within 8 to 10 weeks. Our offer will be subject to a RICS survey and an independent valuation.
4. To be considered for Part Exchange you will need to have completed the Part Exchange application form in full, a Reservation Agreement and have paid your Reservation Deposit.
5. You will need to provide access to our appointed estate agents, Part Exchange Manager or our representative within 3 working days for the purposes of valuations and inspection of your existing property.
6. Following valuation and inspection of your existing property we will make you a verbal offer. Your acceptance will be required within 2 working days and any written offer must be returned within 2 working days of receipt. Upon acceptance your Reservation Agreement will be processed. If you do not accept our offer, your application for Part Exchange and your reservation on the new property will be cancelled.
7. Note any offer made to you by us under the Part Exchange scheme is subject to any necessary further enquires or reports.
8. You will need to ensure your solicitor is instructed to proceed on your behalf upon acceptance of our offer and to meet our 42 day exchange requirement.
9. You agree to cancel any existing arrangements with any agents and any agents’ fees or commissions and VAT that may have been incurred by you prior to our agreement will remain your responsibility. Barratt Homes will not accept liability towards any such costs or charges.
10. Both your purchase of the new home and our Part Exchange agreement are subject to contract until the exchange has taken place on both transactions.
11. We will market your existing property prior to your move into a new Barratt home. You agree to allow reasonable access to your existing property to facilitate the resale (subject to agreed appointments) and to the erection of a “for sale” sign.
12. Any estate agents appointed by ourselves to market your existing property 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 Barratt Homes. Should either party withdraw from the transaction but you continue to sell your existing property to any individual introduced by our appointed agents during the period of our instructions, and any such sale proceed to a legal completion, you would be responsible for the agents’ commission and VAT.
13. Certain items are deemed fixtures and fittings within your existing property and must remain within the property and are included in our offer. Such items will be set out within the Property Inspection Form.
Our estate agent or Part Exchange Manager will discuss these with you and they must be identified on the Property Inspection Form, 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 estate agent or Part Exchange Manager and duly documented. This may necessitate your replacing 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.
14. A Corgi or Gas safe service certificate will be required on all gas equipment and an electrical testing certificate will be required on all electric equipment within your existing property prior to exchange of contracts to certify they are safe and in a full working condition. You will also be required to provide an Energy Performance Certificate.
15. Any prepaid service meters must be replaced with standard credit meters prior to legal completion.
16. Your existing property must continue to 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.
17. On the day of legal completion you will not receive the keys to your new home until completion has taken place on your existing property and only then when it is confirmed that you have left the keys as set out in the Property Inspection Form with our appointed estate agent or ourselves, along with any alarm codes. 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 would be recovered from you.
18. 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 completion date.
19. Full vacant possession of your existing home will be required upon legal completion.
20. Offer is not available while new property is at early build stages.
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