Looking for tips for buying off plan

[sonibvc]

I am looking to buy some off plan apartments in London. Since I have never done that I am not sure what t watch out for. Any advice will be much appreciated.

 

[Nigel Bell]

This is always a tricky one because you want to make sure that you get the quality you expect on completion. There are so many stories of people buying off plan only to be disappointed when they get to completion. The best advice other than to employ a good lawyer is check out the developer and the building contractor carefully. Go and see as many of their previous projects as possible and have your lawyer check out the financial background too. You don't want them to go bust before completion. Finally make sure that no funds are released until completion. Good luck.

Nigel K Bell

 

[totallyproperty]

Staggered funding will focus the eye of the developer and if you take a hands on approach you should learn of any difficulties fairly early. For many people off plan investments offer the biggest risk but potentially large rewards. A good lawyer is a vital piece of advice - ensure you are covered all the way down the line.

 

[KGeeson]

Definitely carry out as much Due Diligence as possible on the developers. Look at their track record, check the background of the company director (via companies house, Google, linkedin etc). Thoroughly read the contract and get it independently checked by a solicitor. Do your own checks on the development land - check with Land Registry who owns it, and check if there are any other charges on the land / property (you want to ensure you have First Charge on the property as this is your security).