Buying a property off plan means purchasing before the build has been completed. There are several advantages to doing so:
- By reserving off plan, you get priority selection over the home you want.
- If you reserve early in the development, you can often select a range of finishes at no extra cost (depending on the development).
- House prices can rise while the property is being built.
Here's how it works:
- Ensure you have the finance available to purchase a home: this may involve savings, funds expected from another property or an ‘Offer in Principal’ from a mortgage broker or lender.
- Get in contact with the appointed marketing agent to let them know you're interested.
- Choose your home from those available.
- Agree the purchase details and pay the deposit.
- We review our build schedule according to your desired moving date.
- Solicitors are instructed by both parties.
- Time to complete a mortgage application, or arrange finance to purchase.
- We exchange contracts as soon as possible.
- You move in on completion!
The appointed marketing agent will also be on hand to provide support, should you have any queries throughout the purchase process.
On all of our developments, there are three requirements to reserve:
- A reservation form provided by the marketing agent and signed by both of us, listing the details of your purchase.
- A small deposit of £500 - this is deductible from the purchase price, however, non-refundable if you were to withdraw.
- Proof of funds or a proceedable sale agreed on your property.