1. Part Exchange is only available on selected plots and may only be available where the value of the second-hand property is no more than 70% of the price of the new home, up to a maximum value of £500,000 and is your main residence.
2. Newett Homes are under no obligation to make an offer, and whilst all properties will be considered on an individual basis, those with restricted markets may be deemed unacceptable. These may include but are not limited to, nontraditional construction, ex local authority, leasehold including apartments/flats, shared ownership, those in need of significant works, those with lack of comparable evidence, age restricted such as over 55’s, or considerably out of normal operating areas. If your property falls within any of the above, please advise your Sales Advisor at the point of application. Should your property not meet the requirements for Part Exchange, other schemes may be available.
3. You will need to allow reasonable access to your property, to our two appointed estate agents, and/or a company representative withing three working days for the purposes of valuation.
4. Whilst we will enquire if your property is already on the marker, and/or if you have had recently valued, the choice of estate agent will be completely at the discretion of Newett Homes.
5. Any offer made to purchase your existing property will be at a fair value based on a presumed sale price of within 4-6 weeks. Should the figures provided, typically by two estate agents, differ outside our usual tolerance, our offer may be subject to a third valuation.
6. Following valuation and/or inspection of your existing property, our Sales Advisor will make you a verbal offer. Your acceptance will be required within two working days. Upon your acceptance, your Reservation Agreement will be processed. If you do not accept our offer, your application for Part Exchange will be cancelled.
7. Any offer made to you by us under the Part Exchange scheme will be subject to any necessary further reports or enquiries, right up until the point of exchange e.g. homebuyers report.
8. Both the purchase of your new home and our Part Exchange agreement are subject to contract, until exchange of contracts has taken place.
9. We will market your existing property from the point of reservation and prior to your move into your Newett Home. You agree to allow us reasonable access to your existing property to help facilitate a resale (subject to agreed appointments), you also agree to erection of a “For Sale” sign. Whilst we appreciate everyone is busy with work commitments and are entitled to their holidays, we would expect at least 2 windows of availability per week, where this is not available, we would expect either a key to be made available to the estate agents or assistance from wither family or friends. Failure to allow us reasonable access and the opportunity to agree a resale on your existing property may result in our Part Exchange offer being terminated.
10. Any estate agents appointed by Newett Homes to market your existing property will be acting on our behalf and should the matter proceed to legal completion any fees and commissions for the appointment agents will be met by Newett 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 proceeds to a legal completion, you would be responsible for the agents’ commission including VAT.
11. Full vacant possession of your existing home will be required upon legal completion, please note that we will have often resold your Part Exchange property and may have people moving in the same day on which you vacate.
12. We require the gas, electricity, and water at the property to be left “turned on” and central heating left on low in winter months, we recommend heating to “kick in” when the thermostat drops below 8 degrees Celsius.
13. 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 and submitted these to your utility providers in order that the final bills can be forwarded onto you at your new address for settlement. We will not accept any bills or invoices for periods of consumption prior to the completion date, nor is it the responsibility of Newett Homes to advise utility providers of your vacation. 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 any agreed items remaining. Where possible, please leave any refuse, recycling, or garden waste bins, wheelie or otherwise out for the next collection date.
14. Newett Homes will retain a £500.00 fee on the day of legal completion. This fee will be returned to you once an inspection has taken place and Newett Homes are satisfied with the condition of your existing property. The cost of any cleaning or repair work required will be deducted from these retention monies.
15. 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. Where your existing property is some distance away from your new home, and at busier times of the year (late June and before Christmas) we may ask you to provide key(s) to one of the estate agents along with any alarm code details. This will help facilitate the return of your £500.00 “clean and tidy” key retention monies as soon as possible. We require you to provide a minimum of two keys to any external door(s) at your property to include patio/French doors and garages. Please also leave any window lock keys and keys for sheds together somewhere visible in the property. All doors and locks must be fit for purpose and in full working order. Any keys not provided may necessitate a locksmith being instructed on our behalf to replace the locks and supply keys, the cost of which would be recovered from you.
16. Our purchase of your property will be subject to the usual legal requirements as if you were selling your own home, with your own estate agent, on the open market. If your property is leasehold and/or is subject to Management Company involvement it is imperative that all documents are requested along with any required payments made at the earliest opportunity.
17. You agree to cancel any existing arrangements with any estate agreements and any agents fees or commissions (including VAT) that may have been incurred by you prior to our agreement will remain your responsibility. Newett Homes will note accept alibility towards any such costs or charges.
18. A Gas Safety Certificate will be required on all gas equipment, typically for your boiler, but may also include fires, hobs, and cookers/ovens where present. This certificate must be dated withing 2 months of the date of reservation and certify that all appliances are safe, working and tested. This is to be provided to solicitors prior to exchange of contracts. If you have a gas fire that is condemned, capped off or not working it will have to be restored to full working order or replaced at a cost to yourselves.
19. An Electrical Safety Condition Certificate will be required, common accreditation include NICEIC & NAPIT, and electricians should state registration details clearly on completed certificates. Any code C1’s (danger present) or C2’s (potentially dangerous) will need to be rectified prior to exchange of contracts and proof of works supplies. Any code C’3’s (improvement recommended) are not acceptable and do not need to be addressed.
20. Any prepaid service meters must be replaced with standard credit meters prior to legal completion.
21. If a property benefits from any multi-fuel burning stoves a HETAS Installation Certificate and confirmation when the stove was last serviced, and chimney swept will be required.
22. Any item, not in full working condition must be declared to all parties at valuation so this can be considered. For example, if estate agents value a property on the basis of a reception room having a feature fireplace with a log burner and it is later brought to our attention that this is not in working order and is only for “decorative purposes” we reserve the right to revise our part exchange offer.
23. Our offer for your property will be on the understanding that you will leave all carpets and floor coverings, either curtains or blinds, integrated kitchen appliances, any cookers, ovens, hobs, hoods whether fitted or freestanding, bathroom fittings including items fixed to tiles (that if removed would leave holes that cannot be rectified) fitted wardrobes, furniture not carpeted underneath, electric/gas fires& surround, and alarm system (codes to be provided). As a rule, anything removed from walls with hooks or tacks, hooks or tacks are to remain in situ, for any larger/heavier items secured by screws (i.e. heavy pictures, mirror or baby/pet guards) that when removed leave holes in the wall will require reinstatement to an acceptable standard, including the filling of any holes and repainting in keeping with the room décor. The same principle applies for any removed light fittings, they must be replaced by an acceptable fitting or drop-down pendant light fitting and bulb, again to be made good including the filling of any holes and repainting. If there are specific items that you wish to remove, please speak to your Sales Advisor and if agreeable these must be identified with your solicitor and duly documented on your fixtures and fittings form.
24. Where not already available on the Government (GOV.UK) website, you will be required to provide an Energy Performance Certificate (EPC). Note, where EPC’s have expired, you will be required to provide an up-to-date version.
