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Buying a property off plan
Comments
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Last day in March 2010. We have a clause that states if the house is not finished then we can pull out.
And get your deposit back? And your legal costs? If so :TI'm an ARB-registered RIBA-chartered architect. However, no advice given over the internet can be truly relied upon since the person giving the advice hasn't actually got enough information to give it with confidence. Go and pay someone!0 -
We won't have to pay our legal costs if it doesn't go through. Think we will lose the £250 reservation fee though.0
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We won't have to pay our legal costs if it doesn't go through. Think we will lose the £250 reservation fee though.
Do you mean you won't have to pay for the solicitor's time or for the solicitor's out-of-pocket expenses (e.g. searches)? What happens if you fall ill, get made redundant, partner gets pregnant with twins? Will you still have to go ahead, will you still be able to get a mortgage?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
If the salesman doesn't start crying when you tell him the price you are prepared to pay then you offered too much.
Off plan?? I wouldn't...
Cheers!
Lodger0 -
Do you mean you won't have to pay for the solicitor's time or for the solicitor's out-of-pocket expenses (e.g. searches)? What happens if you fall ill, get made redundant, partner gets pregnant with twins? Will you still have to go ahead, will you still be able to get a mortgage?
Obviously the cost of the search is lost. If it doesn't go through I pay £0 for their time.
Thankfully I only have 1 of the 3 options to worry about!! The clause added, at the suggestion of the solicitor, just states about the builders not doing their bit. Obviously if I fall ill before the 31st March there might be an issue with the Mortgage. Although my job would cover me for 5 months full pay, if I get something serious (touch wood) then its a different matter. Just got to keep fit and well for a couple more months. The building is now motoring along and the they expect the roof to go before Christmas. Which should see us in by Feb.
Obviously buying off plan is a gamble, but the solicitor we used (suggested by the builder) has covered us as much as possible. The FA (suggested by the builder) has been brilliant, especially sorting out the issue of the mortgage offer expiring by changing the product.0 -
Thank you all for your comemnts!
Is there anyone on these boards that has done it and had a good expereince or is it all doom and gloom??
If anyone could provide a good link on a thread that has already covered
this that would be great
Since there are lots of threads on this, perhaps we need a sticky with a "Buying off plan Guide - the good and bad" lol
In Jan 2007 I had a debt of £27,896.00 :eek:In October 2011 I paid it off and owned £0.00 - Kinda proud of this!:T0 -
We bought off-plan this year from a local builder. Small development of 7 houses. You should definitely read this concerning your exchange deposit:
http://forums.moneysavingexpert.com/showthread.html?t=1718911&highlight=
It is definitely not a 'hassle-free' experience. Whilst you do get (hopefully) a beautiful new house with all the trimmings there are issues that you'd not get when buying 'used'. For us the biggest problem has been getting the builder back for snagging.0 -
Obviously if I fall ill before the 31st March there might be an issue with the Mortgage. Although my job would cover me for 5 months full pay, if I get something serious (touch wood) then its a different matter.
The FA (suggested by the builder) has been brilliant, especially sorting out the issue of the mortgage offer expiring by changing the product.
You still have not got all the bases covered. If your employer makes you redundant before the building is finished, you will have to tell the lender, and they will withdraw the mortgage offer. That's always a risk when buying a property, but it's reduced if there is only the usual 4 weeks between exchange and completion. When buying off-plan, that time-scale increases to months or even years, and there's much more risk.
Your FA has not made this water-tight. I suggest asking him about redundancy / long-term sickness cover (called PHI).No reliance should be placed on the above! Absolutely none, do you hear?0
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