Part Exchange Guarantee Scheme
Terms and Conditions
- This offer is available on selected developments and plots only in England and Wales, subject to status and availability, and Barratt Homes' standard terms and conditions. This PX 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 £300,000.
- All properties shall need to be considered by Barratt for this PX 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 Part Exchange Guarantee you will need to have completed the Part Exchange application form in full, 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 agent, Royal Institution of Chartered Surveyor ("RICS") valuer, Part Exchange Manager or our representative within 3 working days from application for the purposes of valuations and inspection of your existing property.
- 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 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. Your acceptance will be required within the acceptance date stipulated on your offer letter. Upon acceptance of our offer your Reservation Agreement will be processed. If you do not accept our offer, 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 the exchange of contracts date stipulated on the reservation agreement.
- 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.
- 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 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.
- In the event that the sale price achieved by us when we agree a sale of your existing property exceeds the value detailed on your offer letter, then we will make you a payment equal to difference between the two, less fees detailed in point 12. Such payment will be made, from ourselves to you via bank transfer, no later than 10 working days post legal completion of the sale of the Part Exchange property to the third-party buyer.
- The balance payment will be net of estate agents fee – These cost can be documented on request.
- At the point of agreeing a sale on the Part Exchange Guarantee property a required exchange of contracts date will be specified to the offering party (this date will be 6 weeks from the following Friday from agreeing the sale). If the offering party fail to exchange contracts by the due date then it may be deemed by us that this sale is not proceeding to the required timescales and the sale cancelled and the property remarketed. If on the then subsequent resale a sale agreed price is achieved over your part exchange figure, then again, you would be sent a payment to the balance of monies achieved in excess of your offer price (less estate agents fees as per point 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.
- Up until the time of the property coming into our ownership the property will be marketed as per the price stipulated on the offer letter, with any further price reductions been at your discretion. At the point of coming into our ownership (at the point of you legally completing on your new home) the property pricing and decision as to whether an offer is acceptable, or not, is that of the company.
- From point of our ownership, if unsold, our policy is to market at a price circa the average achievable valuation presented to us by the agent and RICS surveyor prior to offer to you. From this point forward there will then be incremental price reductions until a sale is agreed. It is unlikely that from the point of the property coming into our ownership that any net profit will be made on the resale transaction, therefore no payment would be made to yourselves.
- 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 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 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 ‘Homeowners Gas Safety Report’, carried out by a Gas Safe registered plumber, will be required on all gas equipment and system, within your existing property prior to exchange of contracts, to certify they are safe, and in a full working condition.
- 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, any outbuildings and bins, with only the agreed items remaining.
- Upon legal completion, the company will require 3 full sets of keys for the part-exchanged property. On the day of completion initially one set of the part-exchange property keys will be swapped with one set for the new property and when all personal belongings have been removed from the part-exchange property then the remaining two sets of keys will be swapped.
- 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 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 scheme at any time, prior to payment of reservation fee.
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 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 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