Buying a property off-plan

Buying a property off-plan

Buying off plan means you are purchasing your new build house or apartment before it’s been built. This may sound a little risky, however there can be some benefits – but when your buying in such an active property market, where prices are on the up and more homes are needed, buying off-plan can certainly have its rewards.

  • Your new home could be worth more than you paid for it by the time you move in.
  • You could secure one of the best plots of the development.
  • Buying off-plan could be the difference between buying a home or missing out entirely.
  • You might be able to choose your colour of your kitchen and bathroom.
  • You can get a Help to Buy equity loan on some of our off-plan properties.

Step-by-step guide to buying off-plan property

  1. Find a suitable development and speak to a mortgage broker about your circumstances.

  2. Reserve a home and pay a reservation fee (sometimes up to £1,000).

  3. Appoint a conveyancer to deal with the legal side of your house purchase.

  4. Arrange a mortgage. Your mortgage lender will then arrange a valuation based on the plans and development specification.

  5. Complete the paperwork, exchange contracts and pay your deposit. Get ready for completion. You’ll usually be given two dates – the short stop (the date the developer expects to complete) and the long stop (the date the developer has to complete by).