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Buying off plan in Berkshire

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  • Buying off plan in Berkshire

    Hi

    I am interested in an off plan build in Berkshire. This is my own property, not buy-to-let. I have met the developer and seen the site. It is in a residential area, an area I like. He has applied for full planning permission and he should know results in about a month. He is not pushing me to buy at all, no sales gimmick etc. For example, I initiated asking him about the buying process and deposit. And he said while they are happy to consider my specification, they are also keen to finish the build on time. He showed me other properties being build and he explained what they do.

    My question is, what is the process to buy off plan? I have seen numerous guides that say you pay reservation of say £1000, and then you pay a deposit of 5%-10%, and then you must exchange contract within 28 days. But this build won't start until at least another month. The developer has told me the deposit he wants but at this stage I guess it's too early for him to say more, as in when he wants the deposit, and whether I pay him in stages the rest of the monies, or at the end.

    The other question is recommendation for a solicitor who has dealt with off plan. Anyone can suggest? I guess the safest thing is to transact with the builder via the solicitor, e.g. the deposit, specification agreement, deadlines etc.

    Also, I will need a mortgage on top of the cash from the sale of my current place (hopefully some left!). Does anyone know where to get mortgage for off plan? I am with halifax at the moment.

    Thanks very much.

    David

    Feel free to pm me.

  • #2
    Hi David, and welcome to the HomeMove forums.

    I think the big problem that shows is that you are trying to enter a project without any apparent professional advice - in which case it would be highly recommended to seek the services of a solicitor who specialises in residential property, and also speak to an appropriate mortgage lender about your options - because the mortgage market is dry at present, I'd ensure there is a good chance of securing a mortgage first if I were you.

    2c.

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