Buying A House Off Plan Uk Seven steps to buying your off plan home 1 Find the right property You won t be able to visit the property which is why it s important to research the developer and carefully review their plans and timelines It s also a good idea to visit the area as well as the site s show home if one is available in order to get an idea of
Your solicitor will be able to liaise with your developer s solicitor and your mortgage lender to help ensure the process of buying your off plan home runs smoothly 5 Complete your mortgage application Once you ve reserved your property it s time to complete your mortgage application ahead of you exchanging contracts with your developer Positives 1 If you buy off plan when at the drawing board stage or initial stage of build then you have the potential to make considerable input into the internal layout and finish of your chosen property 2 When buying a off plan today you are securing the price of that property at today s prices
Buying A House Off Plan Uk
Buying A House Off Plan Uk
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The truth is it s really simple and can be a very intelligent investment Here are 10 steps to purchasing an apartment off plan 1 Speak to a financial advisor before you do anything You won t be able to get a mortgage offer until about six months before completion however it depends on which lender you use The percentage of new homes sold off plan has risen from 35 in 2020 to 37 in 2021 Hamptons says the growing interest in buying off plan is due to supply issues in the resale market which have led to house prices soaring The chart below shows how the percentage of new homes bought off plan has changed since 2010
The benefits of buying an off plan property are as follows Discounted prices Capital growth during construction More choice Customisable units Developer incentives Brand new property built to high standards Interest on deposits Let s take a look at each of these points in detail Appoint a solicitor Your solicitor will go through the same legal process as when you re buying any property including local searches and looking at the contract This process typically takes around 3 4 weeks Arrange your mortgage Unless you are a cash buyer you will need to arrange a mortgage Most mortgage providers have stricter
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Our no obligation free broker matching service can put you in touch with the best mortgage advisor for your off plan buying needs Call us today on 0808 189 2301 or make an enquiry so we can arrange for a broker to speak with you Buying off plan is often an appealing option for buyers who want a new hassle free property or for those looking to invest It allows the purchaser to put down a 10 deposit initially whilst the next instalments are staggered In that period of construction the cost of the property will be fixed at the market value of the date you buy
Price advantage Off plan properties are often sold at a lower price than completed properties which can ultimately represent a good investment opportunity for buyers Flexibility Buyers have the opportunity to customise their property to their own taste with options such as flooring kitchen and bathroom fittings and paint colours An off plan property is a property that is brand new Buyers benefit from contemporary design the latest fixtures and fittings and high standards of energy efficiency Off plan property should have low running and maintenance costs Off plan property always comes with a new build warranty For example the 10 year NHBC Buildmark warranty
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https://www.barratthomes.co.uk/new-homes/london/advice-and-inspiration/your-complete-guide-to-buying-an-off-plan-property/
Seven steps to buying your off plan home 1 Find the right property You won t be able to visit the property which is why it s important to research the developer and carefully review their plans and timelines It s also a good idea to visit the area as well as the site s show home if one is available in order to get an idea of
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Your solicitor will be able to liaise with your developer s solicitor and your mortgage lender to help ensure the process of buying your off plan home runs smoothly 5 Complete your mortgage application Once you ve reserved your property it s time to complete your mortgage application ahead of you exchanging contracts with your developer
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Buying A House Off Plan Uk - When completed it will have 113 one two and three bedroom apartments You can also buy underground parking spaces If you need a mortgage make sure the offer covers the completion time From
