Buying off plan risks

hethmar

cameron, I think the reason a couple of people thought this was a wind up is because there are several threads on the go here where people bought off plan, the value of the property has dropped, the property isnt completed - they cant get a mortgage offer to cover the lower value and the chances of someone mad enough to buy this off you would be very very unlikely.

Just dont do it.

Arent there any completed places in this area for you to look at?

Running_Horse

cameronh9 wrote: »

My location hasn't had it's prices significantly hit by the credit crunch

Amazing how many people think their area is immune from the global recession. Sounds like you have already convinced yourself, and nothing anyone can say will make any difference. In which case, go for it, what can possibly go wrong?

Richard_Webster

Depending on the way the contract is worded it might be possible to find a way of transferring the deal to another. You would need to get a solicitor's advice about this - the builder may have put further anti-avoidance wording in the contarct. You would have to complete the purchase using your buyer's money and have a transfer deed signed by you to to transfer the property to the buyer. The buyer could then register both the transfer to you and that to him.

There are all the issues about mortgage lenders being suspicious about transactions so close together so they would need to know that the amount that was being paid for the house really did represent the then market value. If parents are prepared to buy off you without raising a mortgage on the property and are prepared to pay the same amount as you agreed to pay, then that's up to them.