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the lunacy of buying off plan

zarf2007 · 2015-04-20 14:53:48

so a well know london developer I was considering buying a property from (BTL, buy price £360,000, 25% deposit) is insisting that we exchange contracts within 28 days. Now this would be ordinarily ok but as the completion is not until December they are insisting I pay the 10% deposit and exchange within that time without…

Comments

getmore4less Posts: 46,882 Forumite

21 April 2015 at 7:18AM

Don't see the problem(in a rising/flat market) unless there are you can't sell the place clauses

If you cannot secure funding you flip the property and complete the same day.

If prices are going up you should be able to undercut the builders unsold.

If flat you may have to take a bit of a hit.

This was common practice in the last boom.

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