Buying off-plan is really simple and can be a very intelligent investment. It could mean the difference between buying a home and missing out entirely and you may be able to personalise your new home with fixtures and fittings.
Below are some frequently asked questions which will help you decide if buying off plan is for you.
Buying off plan is simply purchasing a property that hasn’t been built yet. The prospective buyer will be able to see proposed plans and design visuals of the property and based on this information they will make an informed decision on whether to buy or not.
When you have chosen your new home you will complete a reservation form and pay a reservation fee. This secures your home for a fixed period of 28 days after which the exchange of legal contracts will take place. If at this point you are not in a position to exchange contracts, a request from your solicitor for an extension to the reservation period will be considered.
You should appoint your own Solicitor or Conveyancer to deal with the legal formalities of the purchase including completion, handover and occupation. They will liaise with our Solicitor to arrange contracts and proceed towards an exchange. The exchange of contracts is a legal procedure whereby both parties enter into a binding agreement for the sale and purchase of the property. A 10% deposit (minus the reservation fee) is normally required when contracts are exchanged.
We will advise you about a range of optional extras which you may wish to incorporate. These are subject to the construction stage of the property. Optional extras should be paid for when they are ordered.
Safety Matters – Your safety is very important to us. We appreciate that you may want to look at your home while we are building it. However, building sites are dangerous and are defined in health and safety law as ‘workplaces’. We are legally responsible for the development sites and must not, by law, allow access to the general public. Access to the construction site therefore is not allowed. However, at certain construction stages prior arrangements can be made with our Sales Team to visit the property and when this is acceptable we will provide any necessary protective clothing, footwear or other equipment, which you must use while on our site.
We may also send updates during the building period to let you know how construction is progressing.
Once you have reserved your property we will advise you in writing of our anticipated completion date and we will advise you of building progress on exchange of contract. It is also recommended that you keep in touch with us regarding the progress of your home. When your home is finished it will be inspected by a Premier Guarantee Inspector (or similar) who will issue a Completion Notice which is sent to your Solicitor. This notice having been issued gives your Solicitor 10 days in which to complete the purchase of your home.
It is your Solicitor’s responsibility to handle the financial transactions – collecting and processing monies through the banking system. This may take some time but as soon as your monies have been received at our Solicitor’s, we are advised and the keys are released to you immediately and you will be allowed to access. Please note that, in order to safeguard our position and your own, this legal formality must take place. To avoid delay and disappointment, please ensure that your Solicitor and any Mortgage Lender are fully aware of your timetable and arrangements. The keys will be handed over to you and we will carry out a final check of your property together. Any outstanding items are recorded on the handover forms and you will have a further 14 days to complete and forward these to us.
During the first 2 years of your Structural Warranty, if you find any defects with your home it will be up to us to put things right, although, of course, you will be responsible for wear and tear, decorating and routine maintenance. You will be given the appropriate contact details on handover.