With Part Exchange we can take away the stress of needing to sell your home, allowing you to 'trade-in' your existing home.
Your new home could be just steps away...
The Part Exchange scheme allows you to ‘trade-in’ your existing home (providing it qualifies for the Scheme) at an agreed price as part payment towards the cost of a new Orbit home.
One of the most stressful things about buying a new home is relying on other people when selling your existing home.
Will you find a buyer?
Will your current buyer change their mind?
Will you get lost in another property chain?
With the Orbit Part Exchange scheme* the stress of needing to sell your home is taken away. The Orbit Part Exchange scheme is only available on nominated plots within Orbit developments enabling you to ‘trade in’ your existing home (providing it qualifies for the scheme) at an agreed price as part payment towards the cost of a new home.
Orbit arrange a valuation of your existing home with a RICS surveyor and make an offer to buy your home and use the proceeds as part payment on your new Orbit property.
*Terms and conditions apply - subject to scheme specific units and home types and may not be available on a property you select, ask our sales staff for availability and terms & conditions that may apply.
One - Talk to us
We will ask you a few questions about your existing home, including its location and the anticipated selling price to assess whether you can qualify for our Part Exchange Scheme. In order to qualify for the Scheme, the value of your current home must not exceed 70% of the value of the new Orbit home you wish to buy. If you qualify for the Scheme and you accept our terms and conditions (set out above), then you can make a provisional reservation on the new Orbit home and submit an application for our Part Exchange Scheme.
Two - Valuing your current home
We will arrange for at least two local estate agents to value your home on our behalf. We will ask the estate agents to give us an opinion of the likely sale price of your home. We will aim to complete these valuations within five working days of the date we receive your completed application for the Part Exchange Scheme. We can also arrange for you to meet our own representative who can provide you with additional information.
Three - Our offer
Based on the valuations provided by our appointed estate agents, we will make you an offer for your home which we will confirm in writing. You will have two working days from the time we make our offer to decide whether you want to accept it. If you accept our offer, we will confirm in writing that we have agreed to purchase your home and to accept the sale proceeds as part payment of your new Orbit home. Please note this confirmation is subject to the results of a RICS home buyer’s survey (see step four below), and to Orbit and you completing a contract for the sale of your current home and purchase of a new Orbit home. You will need to instruct solicitors to act on your behalf.
Four - RICS Survey
We will appoint a surveyor to carry out a RICS home buyer’s survey and valuation on your home. We will let you know if our survey finds that any work needs to be carried out on your home, or that further specialist surveys are required. You will be responsible for ensuring any works that we require are carried out at your own cost and before our purchase of your home is completed.
Five - Exchange of contracts
When our solicitors have completed all legal checks on your current home, and any repair work we require has been carried out, our solicitors will work towards exchange of contracts. On exchange of contracts, you will need to pay a deposit of 10% of the difference between the price of your new Orbit home and the price we have agreed for your current home. You must ensure this deposit is with your solicitor in cleared funds in time for exchange of contracts.
Six - Completion
Once our purchase of your current home has completed you will be able to obtain the keys to your new Orbit home provided you have given us all keys to locks within your current home.
By submitting an application for Orbit’s Part Exchange Scheme, you are agreeing to be bound by these terms and conditions. Please ensure you have read and understood them before you submit an application.
In these terms and conditions, the following definitions will apply:
- “Application Form” means an application form for the Orbit scheme;
- “Completion” means the point in time following Exchange of Contracts at which the sale of the Property and purchase of the New Orbit Home is completed;
- “Estate Agent” means any estate agent or agents appointed by us to market and sell the Property;
- “Exchange of Contracts” means the point in time at which we and you enter a binding agreement to complete both the sale by you and purchase by us of the Property and the purchase by you and sale by us of the New Orbit Home;
- “Fixtures and Fittings” means any items in the Property (such as, for example, floor coverings, fitted and built-in integrated appliances, freestanding cooker, curtain poles, light fittings, shelves, fitted wardrobes, curtains, garden plants, garden water feature, shed) that are included in the sale and are identified in the Purchase Contract;
- “New Orbit Home” means the Orbit home which qualifies for the Scheme that
you will buy from us and for which we will accept the proceeds from the sale of the Property in part payment;
- “Offer” means our written offer stating the price we will pay for the Property;
- “Property” means your current home that, under the Scheme, you will sell to Orbit;
- “Purchase Contract” means the contract between us and you for the purchase of the New Orbit Home;
- “Reservation Fee” means the fee payable by you to submit a Reservation Form;
- “Reservation Form” means a request by you for Orbit to reserve the New Orbit Home exclusively for you in the form provided by Orbit;
- “Sale Contract” means the contract between you and us for the sale of the Property;
- “Scheme” means the Orbit Part Exchange Scheme;
- “Survey” means the survey conducted on the Property by our appointed surveyor;
- “We” or “us” refers to Orbit.
- “You” means the Home Owner & New Home Buyer.
Qualifying and applying for the scheme
- The Scheme is only available for selected New Orbit homes. To qualify for
- The Property must be located in England and be owned by you;
- The value of the Property (as assessed by us) must not exceed 70% of the value of the New Orbit Home; and
- The Property must meet our other initial approval criteria.
- We will tell you whether the Property meets our initial approval criteria. The Property may not qualify for the Scheme if its method of construction or any of its characteristics do not satisfy our approval criteria. Leasehold properties with less than 85 years remaining on the lease cannot qualify for the Scheme.
- If the Property qualifies for the Scheme, you must apply for the Scheme by submitting to us:
(a) a completed Part Exchange Application Form; and
(b) a completed New Home Reservation Form together with the £500.00 Reservation Fee.
Valuing the Property
- You must provide our Estate Agents and any other representatives with access to the Property to carry out a valuation and inspection. We will give you at least 3
working days’ notice of any visits
- We will decide, on the basis of our valuation and inspection, whether to make you an Offer. Any Offer we make will be subject to the results of the Survey and to the Sale Contract. You must notify us within 2 working days from the date of our written Offer whether or not you accept
- If you accept our Offer:
- (a) You must instruct an independent solicitor to handle the sale of the Property and purchase of the New Orbit Home on your behalf; and
- (b) You agree and will instruct your solicitor that Exchange of Contracts will take place within 28 days of the date you accept our Offer.
- (c) You need to return a signed copy of our written offer, accepting the terms and conditions of this scheme.
- II you accept our Offer, we will process your Reservation Form & Reservation Fee.
- If you do not accept our Offer, your Application Form and Reservation Form will be cancelled and we will refund the Reservation Fee in full to you.
Survey and Remediation Work
- We will instruct a surveyor to conduct a Survey. If our surveyor’s valuation of the Property is lower than the value contained in our Offer, we reserve the right to reduce or withdraw our Offer. We also reserve the right to withdraw our Offer as a result of the Survey.
- The Survey may identify defects or other work that needs to be carried out on the Property. You will be responsible for carrying out and paying for the cost of any work we require as a result of the Survey. You must ensure any such work is completed before Exchange of Contracts.
- If you decide to withdraw after the Survey has taken place, the cost of the Survey will be deducted from your £500.00 Fee & the balance if any returned to you along with the Survey report itself.
- If the Survey raises no issues that affect our offer, or you carry out any required works that are raised & the transaction proceeds to a legal completion, the full £500.00 Fee will be used towards your purchase of the new Orbit Home with no deductions, subject to compliance with all your obligations
Selling the Property
- You agree to give our Estate Agents access to the Property and such reasonable assistance they may require in order to:
- (a) Prepare particulars of sale;
- (b) Arrange for prospective purchasers to view the Property at reasonable times; and
- (c) To erect a For Sale board.
- We will be solely responsible for any fees and commission payable to the Estate Agents on the sale of the Property by us. ~you withdraw from the sale of the Property to us and sell the Property to a third party introduced by our Estate Agent, you will be responsible for any applicable lees and commission.
- We are not responsible for any estate agent’s fees, commissions or other expenses incurred by you prior to or outside of our agreement to purchase the Property.
- We will advise you of any documents and/or certifications we require in respect of the Property before Exchange of Contracts.
Fixtures and Fittings
- Our Offer will include Fixtures and Fittings. If there are any items you do not wish to include in the sale of the Property, these must be agreed with us and documented. We may require you to replace any Fixture and Fittings that you decide to exclude from the sale of the Property and to make good any damage caused by such removal. This may include, for example, reinstating walls, ceilings or floors to an acceptable standard, filling any holes, and repainting.
Exchange of Contracts
- Both the sale of the Property and purchase of the New Orbit Home are subject to the Sale Contract and Purchase Contract (as applicable) until Exchange of Contracts.
- On Exchange of Contracts you agree to pay a deposit equal to ten per cent (1 0%) of the difference between the agreed sale price of the Property and the purchase price of the New Orbit Home. You must ensure this deposit has been paid to your solicitor in cleared funds by Exchange of Contracts.
- At Completion you must pay to us the outstanding balance of the purchase price of the New Orbit Home together with any other amounts due to us on Completion.
- You will not receive the keys to the New Orbit Home until Completion has taken place on both the sale of the Property and the purchase of the New Orbit Home.
- At Completion, you must provide us with a minimum of two (2) keys to all lockable windows and doors in the Property including any garage, sheds and other outbuildings along with any alarm codes or keys. We will tell you in advance where to leave these keys. If you fail to provide us with any keys or codes, we will charge you for the cost of replacing any keys, locks and alarms.
- You will be responsible for all service company bills, invoices, expenses and other charges up to and including the dale of Completion. Please ensure you have had all your utility meters read so that final bills can be forwarded to you for settlement.
- You must replace any pre-paid service meters with standard credit meters prior to Completion,
- Full vacant possession of the Property will be required at Completion.
Leaving the Property
- You must ensure the Property is maintained both internally and externally to an acceptable standard until Completion.
- On Completion you must ensure that:
- No rubbish or waste remains on or in the Property;
- The Property is clean and tidy (including any garden, loft and outbuildings) with only the Fixtures and Fittings remaining; and
- All Fixtures and Fittings are in safe and working order.
- We will arrange for £500 to be retained from the monies due to you on Completion. Following Completion, we will arrange for an inspection of the Property to confirm your compliance with your obligations above. If you have complied will all your obligations, we will release the £500 to you. If you have not complied with all your obligations, we reserve the right to apply the £500 to the cost of any remediation work. If our remediation costs exceed £500, we reserve the right to charge you for any costs we incur in excess of £500.