What is Off-Plan?
Buying a house or flat off-plan means buying it before it's been built. This often means before building has commenced, but not necessarily; even if the property is well on its way to being finished and you buy, it is still technically an off-plan purchase
What happens when you buy an off-plan property?
There are often multiple stages to buying off-plan property, and every developer is different, however the below is a rough guide as to what is included:
1. Finding a suitable development – Off-plan listings are still on Share To Buy, or you can see our range of homes, here.
2. Reserving a home – You’ll pay a reservation fee of £500
3. Get legal help – You need to appoint a solicitor or conveyancer to handle the legalities of buying your home.
4. Get a mortgage – You will have to send off an application for a new-build mortgage.
5. Exchanging contracts off-plan – Once you’ve completed all the paperwork it’s time to exchange contracts and pay your deposit.
Benefits of buying off-plan
When it comes to buying off-plan, there are many advantages. Firstly, when buying off-plan, you will be getting a completely brand-new home which you will see it be completed all the way from construction through to the final build. Buyers can often choose their home from all the properties within the development.
Off-plan homes also come with a 10-year warranty covering all structural defects. Fixtures and fittings typically come with warranties of their own, meaning you have guarantees over any defects.
Are you looking for a stylish and modern home in London or the South East?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis.