AN EASIER WAY TO MOVE HOME
Part Exchange is a service that Legal & General Homes provides, where we will purchase your existing property to allow you to move chain-free into your new home.
The main benefits are:
Legal & General Homes' Part Exchange valuations are free and no-obligation, so it is easy to explore whether we can help you move.
Once you’ve chosen your ideal Legal & General Homes property, speak with a Sales Consultant. If your property meets our purchase criteria, the Sales Consultant will help you fill out a Part Exchange application.
We will commission up to three independent valuations on your home. Once these are completed, we will make an offer of up to 100% market value for a sale within six weeks. There is no cost or obligation to you.
If you accept the offer, you will need to pay a reservation fee and we will take our home off the market and arrange a survey of your existing property. Occasionally, because of the results of your survey, specialist reports may be required. If this happens, we will let you know why and tell you the outcome.
We will begin marketing your existing property. During this time, you will need allow access for viewings at reasonable times. At the same time, we will progress your Part Exchange move through your solicitors and mortgage providers.
If the survey reveals problems with your existing home, we will talk to you to find a solution, but if we can’t agree terms, we will need to cancel your reservation. If this happens, we may deduct any cost we have incurred for the survey and specialists reports when we return your reservation fee.
Because the sale and purchase happen at the same time and with no chain, you will have more peace of mind and a smoother move.
Do you accept homes in all parts of the UK?
Legal & General Homes and its sister company Cala Homes work together to offer Part Exchange across most areas of the UK.
However, each property is considered individually, so please speak to a Sales Consultant to find out whether we can offer Part Exchange on your property.
Can I use Part Exchange to downsize?
Usually, we do not offer Part Exchange if your existing property is valued at more than 70% of your chosen Legal & General Home. If this is your situation, we may be able to offer our Assisted Move service, where we pay the marketing cost of your current property plus £1,000 toward your moving costs and work with your agent to help you with your sale.
In some cases, we can work with a trusted partner to arrange a third party Part Exchange. Speak to your Sales Consultant for more information.
Can Help to Buy be used with Part Exchange?
No. The government’s rules around Help to Buy mean that homebuilders cannot offer Help to Buy in conjunction with Part Exchange. For more information, go to Help to Buy England.
Can you negotiate on a Part Exchange house valuation?
Every home buyer’s circumstances are different, but we are always happy to work with you to find a way to help you move home.
Can you Part Exchange a flat for a house?
We consider most property types, including flats. However, each property is considered individually, so please speak to a Sales Consultant to find out whether we can offer Part Exchange on your flat.
Do I pay stamp duty if I Part Exchange my house?
You will need to pay Stamp Duty on your new home, but we will cover the Stamp Duty on the property we purchase from you unless the property is a second home. Where the property is your second home, you may need to pay the Additional Dwelling Supplement.
Do you get more money for Part Exchange?
We take pride in being transparent about our Part Exchange offers and offer up to 100% of market value.
To determine a fair offer for your existing property, we commission up to three independent valuations based on achieving a sale in a six-week period. We will tell you how we have come to the figure and there is no obligation to accept our offer.
You will also benefit from the saving of not paying to market your existing property. Our Part Exchange calculator will help you see how much you could save.
Do you need a deposit when part exchanging your house?
Your lender will need a deposit if you are buying with a mortgage. The money you receive for your old property can form part of this deposit. If you need advice about funding a deposit, we can put you in touch with an Independent Financial Advisor.
In addition, you will need to pay Legal & General Homes a reservation fee. You will not need to pay to market your existing property.
Is Part Exchange on a house worth it?
Around a third of our customers move using Part Exchange. Some of them chose this because they lead busy lives and having a chain free move offers time savings as well as cost savings. Others have experienced the stress of a collapsed chain and don’t want to risk this happening again.
Terms & Conditions
“We” refers to the Cala Group Ltd, which includes Cala Homes and Legal & General Homes.
Part Exchange will be considered subject to our purchasing criteria, terms and conditions. We have the right to refuse your application for the Part Exchange service but if this happens our Sales Consultant will be pleased to work with your selling agents, recommend alternative selling agents or help you with other suggestions about how to market your existing home to help you to find a quick sale.
To determine a fair price to offer for your existing home, we will obtain up to three independent valuations based on achieving a sale in up to six weeks. We will not base our offer on historic valuations or offers, or on sales prices of other nearby properties. Our offer is valid for seven days only.
We will arrange for an independent surveyor to carry out a survey on your existing home after you accept an offer. The part exchange sale depends on the results of that survey. In the event that the survey reveals problems with your existing home we will talk to you to find a solution, however if we fail to agree terms, we will deduct any cost incurred by us for the survey and specialists reports when we return your reservation fee.
While your new home is being built you will have to allow us to market your home and arrange viewings by appointment, at reasonable times. You cannot use the service with any other incentives or purchase services unless we specifically agree you can at the time you reserve your home.
You agree not to instruct another agent during the period that your Part Exchange reservation is active and, if you have an existing contract with an agent, you agree you will dis-instruct that agent. Legal & General Homes will not be liable for any related cancellation fees.
Purchasing Criteria
Where a part exchange sale is being considered:
