Legal & General has launched a part-exchange service that aims to remove the burden of selling a home by offering a guaranteed cash sale for potential buyers of an Inspired Village retirement property.
The introduction of the Home Purchasing Service (HPS) across Legal & General’s Inspired Villages retirement community business follows a successful trial late last year.
Potential Inspired Villages residents using the HPS will see their property valued by three independent estate agents, with Legal & General offering a guaranteed cash sale at 95 per cent of fair market value.
If residents’ properties sell over expected value, Legal & General will share 80 per cent of any upside, above the agreed threshold.
Legal & General will also undertake a refurbishment programme, if required, to maximise value and speed up the sale, and commits to cover all related agent’s and surveying fees and contribute towards moving costs.
Current sales using the HPS have reduced exchange times from an average of six months to just four weeks, with negotiable move in dates, said Legal & General.
“The introduction of the HPS will enable more people to move into a manageable sized property, whilst releasing capital, saving on bills and enjoying the benefits of an Inspired village,” added Phil Bayliss, CEO of Later Living at Legal & General Capital.
“This is about us helping our customers move quickly, with certainty and minimal fuss.”
Inspired Villages chief executive Jamie Bunce said: “Property chains collapsing is a disappointment we all know too well. In later life, it can be critical, for those trapped in homes which are no longer fit for purpose.
“Once fully established, we are hoping that 25 per cent of sales will come through the part-exchange programme.”
