105% Part Exchange

1. About 105% Part Exchange
A "105% Part Exchange" is an incentive under which we may, subject to these terms and conditions (the "Terms"), agree to purchase your existing property where you purchase a new home from us on an eligible plot. These Terms, together with all documents referred to (including the Property Inspection Form defined in paragraph 6.1), shall form part of our agreement to purchase your existing property under 105% Part Exchange.

2. Eligibility
2.1 105% Part Exchange is only available on selected plots and developments in England, Wales or Scotland and is subject to the David Wilson Homes General Terms and Conditions at the bottom of this page. 105% Part Exchange will only be available where the existing property being traded in is no more than 80% of the selling price of the plot you are considering purchasing, up to a maximum value of £500,000.
2.2 All properties need to be considered by us for 105% Part Exchange to establish their method of construction or unusual characteristics. We are under no obligation to make a 105% Part Exchange offer (an "Offer"), for example where a property is deemed unsuitable for reasons such as its method of construction (e.g., non-standard construction), structural issues (e.g., subsidence), location factors (e.g., proximity to flood zones) or the condition of the property (e.g., significant disrepair).
2.3 105% Part Exchange is not available while your new property is at early build stages.
2.4 105% Part Exchange is only available where your existing property is your sole or principal residence and is not available where: (a) your existing property is or has been let (whether on a buy-to-let basis or otherwise); or (b) your new property is intended to be purchased as a buy-to-let or investment property.

3. Your Application
3.1 To be considered for 105% Part Exchange you will need to have completed the 105% Part Exchange application form in full, a reservation agreement ("Reservation Agreement") and have paid your reservation deposit for your new property ("Reservation Deposit").
3.2 You will need to provide access to your existing property to our Valuers, appointed estate agents, 105% Part Exchange manager or our other representatives within 3 working days of completion of your 105% Part Exchange application form and paying your Reservation Deposit for the purposes of valuations and inspection of your existing property.

4. Valuation and Offer
4.1 If your property is eligible, we will appoint two nominated Royal Institution of Chartered Surveyors ("Valuers") to value your property. If we decide to make an Offer we will make an offer to purchase your property for a price which is the average of those two valuations plus 5%. If there is a discrepancy of more than 10% between the valuations we will appoint a third valuation and any Offer will be based on the average of the two closest valuations plus 5%.
4.2 Following valuation and inspection of your existing property we will make the final Offer to you. Any Offer made to purchase your existing property will be based on a presumed sale of within 8 to 10 weeks. You must confirm your acceptance of the Offer within 2 working days. If you fail to accept the Offer within the applicable time period, we may revoke the Offer and your application for 105% Part Exchange and your reservation on the new property will be cancelled. Upon acceptance, your Reservation Agreement will be processed.
4.3 You will need to ensure your solicitor is instructed to proceed on your behalf upon acceptance of our Offer and to meet our requirement to exchange contracts within 42 days of your acceptance of the Offer. If exchange of contracts does not take place within this 42-day period, we reserve the right to withdraw the Offer and cancel your reservation on the new property, and you may forfeit all or part of your Reservation Deposit.
4.4 Any Offer made to you by us to purchase your existing property under 105% Part Exchange is subject to property inspections, proof of certifications and satisfactory completion of any further enquiries, searches, surveys or reports we deem necessary. This may include local authority searches, environmental searches, title investigations, drainage and water searches, mining or chancel repair searches, and any other enquiries arising during the conveyancing process. We reserve the right to withdraw, amend or revise any Offer in the event that such enquiries reveal matters which, in our reasonable opinion, adversely affect the value or saleability of your existing property, including but not limited to defective or unmarketable title, adverse planning or environmental search results, the existence of restrictive covenants or easements, boundary disputes, rights of way, contaminated land, flood risk, or any other matter which we consider material.
4.5 Your purchase of the new property and our Offer to purchase your existing property are subject to contract until the exchange has taken place on both transactions.

5. Estate agents
5.1 105% Part Exchange is subject to use of our nominated estate agent so we can market and sell your existing property and you must sign an exclusive sales agreement with them. We will pay the nominated agent’s fee or commission and VAT provided you go on to buy your new property with us (i.e. the transaction proceeds to legal completion) in accordance with these Terms.  Should you withdraw from the purchase of your new property with us but you continue to sell your existing property to any individual introduced by our appointed agents, and any such sale proceeds to a legal completion, you would be responsible for the agents’ fee or commission and VAT.
5.2 We will market your existing property prior to your move into a new 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.
5.3 We will also pay you an incentive of £1,000 if we agree a sale of your property to a third party before legal completion of the purchase of your new property, payable as a lump sum on legal completion and deducted from your final completion statement.
5.4 We make no guarantee that we will be able to sell your property.
5.5 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 prior to our agreement will remain your responsibility. We will not accept liability towards any such costs or charges.

6. Fixtures and Fittings
6.1 Certain items are deemed fixtures and fittings within your existing property and must remain within the property and are therefore included in our Offer. Such items will be set out within the property inspection form provided to you at the same time as our Offer (the "Property Inspection Form").
6.2 Our estate agent or 105% Part Exchange manager will discuss the fixtures and fittings with you, and all such items must be identified and recorded on the Property Inspection Form. If you wish to remove any items that would otherwise be included in the sale, you must identify these to our estate agent or 105% Part Exchange manager and obtain our written agreement prior to removal. Any agreed removal must be documented in the Property Inspection Form. Where items are removed, you must carry out full reinstatement of any affected walls, ceilings or floors to a standard acceptable to us, including the filling of any holes and repainting. Items in the garden, including but not limited to plants, sheds and water features, are also deemed fixtures and fittings and must remain unless we agree otherwise in writing.

7. Gas, electricity and EPC
7.1 Prior to exchange of contracts, you must provide us with:
(a) a valid Gas Safe registered engineer's certificate in respect of all gas appliances and equipment within your existing property, confirming they are safe and in full working order; 
(b) a current electrical installation condition report (or equivalent testing certificate) in respect of all electrical installations and equipment within your existing property, confirming they are safe and in full working order; and
(c) a valid Energy Performance Certificate for your existing property.
7.2 If any such certificate or report identifies that any gas or electrical appliance, equipment or installation is unsafe or not in full working order, we reserve the right, at our sole discretion, to: 
(a) withdraw the Offer; or 
(b) reduce the Offer by an amount equal to the estimated cost of the remedial works required to bring such appliance, equipment or installation to a safe and full working condition, as determined by us. 
7.3 If we elect to reduce the Offer pursuant to sub-paragraph 7.2(b), we shall notify you of the revised Offer in writing and you must confirm your acceptance within 2 working days, failing which we may withdraw the Offer and cancel your reservation on the new property.
7.4 Any prepaid service meters must be replaced with standard credit meters at your sole cost and expense prior to legal completion.

8. Maintenance of your property
8.1 Your existing property must continue to be maintained internally and externally to a standard acceptable by us 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. You must remove all items not recorded on the Property Inspection Form and all rubbish, waste and debris from the property (including the garden, loft and any outbuildings) prior to legal completion.

9. Completion
9.1 On the day of legal completion you will not receive the keys to your new property 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.
9.2 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.
9.3 Full vacant possession of your existing property will be required upon legal completion.

10. General
10.1 Personal information: Any personal information provided in connection with 105% Part Exchange will be used, shared and retained as set out in the Privacy Notice.
10.2 Assignment: We may transfer the benefit of the agreement with you under these Terms to any other company in the same group of companies as us. This will not affect your rights. You may not transfer your rights to any third parties under these Terms without our agreement in writing.
10.3 Which laws apply and where you and we may bring proceedings: 105% Part Exchange and these Terms (including any non-contractual disputes or claims arising out of them) are subject to English law. Any disputes must be referred to the English courts (save that consumers in Scotland and Northern Ireland may additionally bring an action in their home courts).
10.4 If a court finds part of these Terms illegal, the rest will continue in force. Each of the sections of these terms operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining sections will remain in full force and effect.
10.5 Waiver. If you breach these Terms and we choose to ignore your breach, or if we delay in taking steps against you, we will still be entitled to use our rights and remedies at a later date or in any other situation where you breach the Terms again.
10.6 Reliance on these Terms. We intend to rely on these written Terms and any document expressly referred to in them. We and you will be legally bound by these Terms.
10.7 Getting advice about your consumer rights. As a consumer, you have legal rights in relation to services that are not provided with reasonable skill and care or not as described. Advice about your legal rights is available from your local Citizens’ Advice Bureau or Trading Standards office. Nothing in these Terms will affect these legal rights.

Any promoted David Wilson Homes 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 David Wilson homes and are for illustrative purposes only, see our Image Disclaimer for further details. Please contact the development in which you are interested for further details.

David Wilson Homes 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 David Wilson Homes 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).

David Wilson Homes 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. David Wilson Homes 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.

David Wilson Homes is a brand name of BDW Trading Limited (Registered Number 03018173) which is a subsidiary of Barratt Redrow plc (Registered Number: 00604574) both with registered offices at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicester, LE67 1UF.

If you require a mortgage, you are strongly advised to obtain advice from a regulated adviser. David Wilson Homes recommends from a panel of New Home 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.