Downsizing pensioners may get less for their home by using these services than they would if it was sold on the open market, the report suggested. But Spicerhaart claims most people find that the amount they save on costs and the ease of the process makes the loss worthwhile.
The firm said it had seen a “big increase” of people using its services to exchange contracts on existing and new homes – typically within 28 days. Spicerhaart usually works with the retirement home developer during the process, and partners with investors, who guarantee to buy the old property.
No estate agents
Part exchange means that sellers can cut out estate agency fees and secure a fast sale – regardless of the condition of the property.
In select cases, investment partners may pledge that if the property is later sold on the open market and receives more than the target price, 60% of the uplift in value will be given to the original owner.
Neil Knight, business development director of Spicerhaart Part Exchange and Assisted Move, said: “Selling a house is often quoted as the second most stressful event in someone’s life after divorce, so it is no surprise that anything that makes this process easier is welcomed with open arms.
“This is particularly the case with the older age group many of whom are less able to cope with the stresses and strains of negotiating with estate agents, potential buyers viewing their family home and the long drawn out process of offers that may then fall through.”