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First Time Buyer- Off Plan Purchase : Lot of queries before exchange
bobthemoggie
Posts: 7 Forumite
Hi All,
As a First Time Buyer, I have lot of queries & questions in mind (few of them may not be relevant due to being highly unlikely), before exchanging contract on Off-plan purchase in London, from a large builder.
1. What things are normally negotiable(monetary / non- monetary) with seller before / around the time of exchange?
[Viz- Ground rent / Lease years / Share of Freehold /Fixing Service charge for number of years etc..]
2 Any clauses in the lease that could limit the use of the property (Ex: Holiday Let , Ban on Pet etc..) etc.
3 Provision for reassignment (in case of extremely unforseen event)/ resale before completion etc.. : - How to enable it on standard contract
4 Fixed Stop Gap date (if project has to be delayed unreasonablly) etc,
5 Getting mention about "Planning permission won't be unreasonably withheld" in the lease etc..
Kindly provide as much info as possible, that First Time Buyer need to think about after reserving but before exchanging on Off-plan purchase.
Thanks in advance.
And wishing you all very best for your house search!
Cheers..
As a First Time Buyer, I have lot of queries & questions in mind (few of them may not be relevant due to being highly unlikely), before exchanging contract on Off-plan purchase in London, from a large builder.
1. What things are normally negotiable(monetary / non- monetary) with seller before / around the time of exchange?
[Viz- Ground rent / Lease years / Share of Freehold /Fixing Service charge for number of years etc..]
2 Any clauses in the lease that could limit the use of the property (Ex: Holiday Let , Ban on Pet etc..) etc.
3 Provision for reassignment (in case of extremely unforseen event)/ resale before completion etc.. : - How to enable it on standard contract
4 Fixed Stop Gap date (if project has to be delayed unreasonablly) etc,
5 Getting mention about "Planning permission won't be unreasonably withheld" in the lease etc..
Kindly provide as much info as possible, that First Time Buyer need to think about after reserving but before exchanging on Off-plan purchase.
Thanks in advance.
And wishing you all very best for your house search!
Cheers..
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