Part Exchange & MI New Home
1.1 Part exchange deals are only available on selected plots and developments. Part exchange will only be available where the home being traded in is no more than 70% of the selling price of the plot being purchased.
1.2 Part exchange is only available up to a maximum value of £250,000 for your old property.
1.3 Valuations for part exchange will be based upon the price which an independent valuer believes your home would be likely to achieve in the current market as opposed to an advertised sale price.
1.4 We will appoint two independent valuers to value your home on the basis of a sale within 8 to 10 weeks. Any part exchange value offered by us will be the average of these two market valuations. If there is a discrepancy of more than 10% between the 2 valuations we will appoint a third valuation and our offer will be the average of the two closest valuations.
1.5 We are under no obligation to make an offer. If you have already incurred costs (e.g. estate agents or legal fees) at the time of negotiating a part exchange Barratt Homes will not reimburse these costs.
1.6 An offer made by us under the part exchange scheme is subject to any necessary further enquiries or reports.
1.7 We reserve the right to market the property you are selling prior to your move into a new Barratt Home and you agree to allow reasonable access to the property to facilitate the resale (subject to agreed appointments) and to the erection of a “for sale” sign at the property. You agree to cancel any existing agreements with estate agents and agree that you are responsible for any fees due to them.
1.8 You agree that no party is currently negotiating to purchase the property you are selling and that no introduction has already been made by any other party.
1.9 It is Barratt Homes’ intention that BDW Trading Limited will purchase your existing home and take legal title to it prior to selling it on to a third party, to allow you to purchase a new Barratt Home. If you withdraw from the transaction and Barratt Homes has found a prospective buyer for your home, Barratt Homes will not make an introduction between you and the prospective buyer. If an introduction has already been made by Barratt Homes or their agent you will be liable to pay a fee of £1,000 plus VAT to Barratt Homes to reimburse costs incurred and Barratt Homes will have no further involvement in facilitating the sale.
1.10 On completion of a home purchase by us under the part exchange scheme we will retain a £500 retention bond which will be refunded to you provided your old property is left in an acceptable condition and you submit accurate meter readings to utility companies.
1.11 Solicitors will ask that you complete the Property Information Questionnaire and Form (PIQ/PIF). As Barratt Homes has no firsthand knowledge of your existing home the company will have to use these same PIF/PIQ forms for presentation to a subsequent purchaser for your existing home. You confirm that you will complete these forms accurately and acknowledge that a future purchaser will rely upon on your answers and that legal action may be taken against you if you are found to have given false information.
1.12 We reserve the right to refuse a part exchange and we are under no obligation to give reasons why. All valuations and decisions are final.
MI New Home
1.13 Customers require a 5% cash deposit and must meet the lender’s mortgage eligibility criteria for a repayment mortgage.
1.14 The Scheme is available on all new properties in Scotland up to £250,000, subject to lender’s criteria.
1.15 The scheme applies to residential mortgages only and is not available on buy to let properties or second homes.
1.16 MI New Home cannot be used in conjunction with any Barratt Homes’ offer or scheme other than part exchange.
1.17 This scheme may be withdrawn or modified by Barratt Homes or the Scottish Government at any time prior to exchange of contracts.
1.18 MI New Home launched on 12 September 2012 and is expected to end 11 September 2015.
Barratt Homes General Terms & Conditions
Any promoted Barratt offer is subject to contract and status. Offers are on selected plots only and are subject to availability. The offers advertised cannot be used in conjunction with any other offer on the same plot unless expressly stated otherwise. Prices and details are correct at time of going to press. All images are typical of Barratt homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.
Barratt reserve the right to withdraw or alter any of these offers at any time prior to the payment of a reservation fee. Contracts must be exchanged within 28 days of reservation of your property. Failure to do so may result in the loss of all or part of your reservation fee.
The current specific offers being advertised in relation to selected Barratt developments are also subject to the specific terms and conditions set out above (N.B. these offers may vary from time to time and you should refer to the development in which you are interested to discover which offers are available on specific plots and developments).
Barratt will not be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee. Barratt will not be responsible for the failure of any deal due to any defects in your existing property which arise as a result of an inspection or survey, whether a part exchange deal has been agreed or not.
These terms and conditions do not affect your statutory rights.
Barratt Homes is trading names of BDW Trading Limited (Registered Number 03018173) which is a subsidiary of Barratt Developments PLC (Registered Number 00604574) both with registered offices at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF.
If you require a mortgage, you are strongly advised to obtain advice from a regulated adviser. Barratt Homes recommends from a panel of new build mortgage advisers who have extensive knowledge of the new build mortgage market, though you may, of course, seek such advice from your own mortgage adviser.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE