Part Exchange Guarantee Scheme
Terms and Conditions
- This offer is available on selected developments and plots only in England, Scotland and Wales, subject to status and availability, and Barratt Homes' standard terms and conditions. This Part Exchange Guarantee Scheme will only be available where the Existing Property being traded in is no more than 70% of the selling price of the plot you are considering purchasing, up to a maximum value of £350,000.
- All properties shall need to be considered by Barratt for this Part Exchange Guarantee Scheme to establish their method of construction or unusual characteristics. Barratt Homes are under no obligation to make an offer.
- To be considered for the Part Exchange Guarantee Scheme you will need to have completed the Part Exchange application form in full, a Reservation Agreement and have paid your Reservation Deposit. In the aforementioned application form you will include your reasonable expectation as to the value of your Existing Property. For the avoidance of doubt the figure included by you in the application form shall not be binding under any circumstances.
- You will need to provide access to our appointed estate agents, Royal Institution of Chartered Surveyors ("RICS") valuer, Part Exchange Manager or our representative within 3 working days from reservation for the purposes of valuations and inspection of your Existing Property.
- Any offer made by us 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 and based on a RICS survey and an independent valuation. Following valuation and inspection of your Existing Property we will make you a written offer (“Offer”). Your acceptance will be required within 2 working days. Upon acceptance your Reservation Agreement will be processed. If you do not accept our Offer, your application for the Part Exchange Guarantee Scheme and your reservation on the new property will be cancelled.
- Note any Offer made to you by us under this scheme is subject to any necessary further enquires or reports.
- 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.
- You agree to cancel any existing arrangements with any estate agents and any estate agents’ fees or commissions and VAT that may have been incurred by you will remain your responsibility. Barratt Homes will not accept liability towards any such costs or charges.
- 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.
- We will initially market your Existing Property at the marketing price identified on the Offer Letter (“the Marketing Price”) prior to your move into a new Barratt home. For the avoidance of doubt, the Marketing Price will not exceed the open market values given in the two valuations obtained for your Existing Property. 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.
- In the event a prospective third-party buyer of your Existing Property makes an offer to purchase that property between the date you reserved your new Barratt home and the date that you completed the purchase of it (“the Offer Window”) then:
- if the third-party offer is for a sum that is either
- equal to or more than 98% of the Marketing Price: or
- less than our Offer;then Barratt Homes will be entitled to decide whether or not the offer is accepted; or
- if the third-party offer is more than the Offer above but less than 98% of the Marketing Price, then we will give you the choice of whether or not that offer is accepted.
- if the third-party offer is for a sum that is either
- In the event that the sale price achieved by us when we achieve a sale of your Existing Property exceeds the Offer above, then, subject to clause 13 below, we will pay to you an amount equal to the difference between the two, less our reasonable administration fees, including, for example, any estate agent fees ("Balancing Payment"). Any Balancing Payment will be paid to you after you have moved into your new Barratt home and within 10 working days following legal completion of the onward sale of your Existing Property by us to the third-party buyer.
- Payment of the Balancing Payment is conditional upon completion of the sale of your Existing Property taking place within 9 months of the date that you completed the purchase of your new property.
- 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 estate agents will be met by Barratt Homes, but will be taken into account when calculating any Balancing Payment that may become payable. Should either party withdraw from the transaction but you continue to sell your Existing Property to any individual introduced by our appointed estate agents during the period of our instructions, and any such sale proceed to a legal completion, you would be responsible for the estate agents’ commission and VAT.
- Up until the time of your Existing Property coming into our ownership it will be marketed as per this offer letter, however Barratt Homes may, in its sole discretion, reduce the Marketing Price by 2% every 6 weeks from the date of the Part Exchange Agreement. At the point of coming into our ownership (at the point of you legally completing on your new home) the Existing Property’s pricing and decision as to whether an offer is acceptable, or not, is that of Barratt Homes. Our policy once your Existing Property is in our ownership is to continue to make incremental price reductions until a sale is agreed.
- 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.
- 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.
- Any prepaid service meters must be replaced with standard credit meters prior to legal completion.
- 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.
- 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.
- 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.
- Full vacant possession of your existing home will be required upon legal completion
- This offer is only available on a purchaser’s main residential property, it is not available on Buy to Let properties.
- This offer cannot be used in conjunction with any other Barratt Homes offer.
- Purchasers must be over 18 years of age.
- Legal completion must take place on or before the date agreed at the time of reservation.
- Barratt Homes reserve the right to withdraw or alter the terms of this offer by written notice at any time prior to the acceptance of the offer and payment of the reservation fee by you.
Barratt Homes General Terms and 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 42 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 a trading name 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