Buying a new property off plan can be an exciting proposition. However, before you sign the reservation form, it is important to think carefully along the way and consider the following 10 points:
Blue prints and images – are they for real?
Carefully review any floor plans and get a feel for the layout. Obtain an understanding as to the square footage. The images displayed by house builders are often extremely impressive and they do spend a lot of money making them look appealing. Bear this in mind when considering the final result.
One last check before you complete?
Ensure that you visit the property before paying the balance and completing. It is important to ensure that all is in order before you go ahead. It will be difficult to rectify any issues after completion.
Have you got peace of mind on warranties?
All schemes should have a new build warranty providing a 10 year guarantee on the building. This type of guarantee insures against the possibility of the builder going insolvent and ensures the build itself can continue. We can check the provisions for you to ensure that this insurance is in order.
Can I ask for a better deal?
It is always worth asking if a better deal can be had. Developers are often keen to offer discounts at the beginning when they start the build, and then also at the end. Developers are more likely to provide a discount towards the end of their financial year, or even half year. It is worth keeping this in mind.
What’s included in the price?
Be clear as to those items included in the price and ensure you have a list (usually called an inventory) detailing those items which are included. It is often best to ensure that the items are listed together with the make and model to ensure this is extremely clear and there are no misunderstandings.
Leasehold or freehold?
As your lawyers, we will look into the finer detail in relation to the length of lease, the service charges and ground rent payable. However, prior to reserving the property it is worthwhile asking these questions yourself and getting a firm idea of the level of outgoings you will be expected to pay.
Can I personalise it?
One major benefit to buying off plan is the chance to personalise the property. If you buy early on you can have the chance to provide input into the colour scheme and layout. Check these details fully with the developer.
How much is the reservation fee?
You will need to reserve a property by paying a reservation fee and signing a reservation form. The fee can vary from a few hundred to a few thousand pounds. If you require advice on the terms of this agreement, we can review this for you.
Do I need to pay extra?
Some developers require additional money for items such as the carpets and on some occasions garden turf. Check this carefully before proceeding.
How much deposit will I need?
Ensure you have a deposit in place. Developers usually require exchange of contracts and the payment of a deposit to take place fairly quickly from signing the reservation agreement – sometimes as early as a few weeks. The deposit will need to be accessed quickly.
If you require any further assistance on the matter, feel free to call a member of the team on 03456710276