Off-Plan Property in London
We offer a wide selection of new build homes in London that are already finished or yet to be completed in the following months and years.
If you buy a London flat while it is still planned or under construction, it means you are buying off-plan. This type of purchase has been particularly trendy recently since it offers several benefits.
Advantages of Off-plan property in London
Investment. Off-plan buying often means decent investment: initial property prices might be well below the future market home value when it is finished. Off-Plan Property in London promises particularly favourable returns: prices are steadily rising, meaning London residential developments have shown themselves to be a safe asset class.
Flexibility. Off-plan buying also allows more flexibility and customisation than finished flats and houses: buyers can modify and choose various options that suit their needs and budgets.
Disadvantages of Off-plan property
Risks and delays. As for the downside, some consider buying off-plan as risky. There might be construction delays, or the property might not increase in price as expected.
To cover the risks, developers offer various deposit guarantees, and buyers can put some effort to research the area, the developers, and the feedback from locals.
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If we go back 25 years, the off-plan property was something almost no one even heard of. Currently, this property type is established and rising in demand because of its strong advantages, despite the possible risks. Overseas investors, new London residents, and families often opt for off-plan property across the capital to find a perfect place for living in London or an opportunity for a successful investment.
Buying a new home that has not been completed might feel risky, and it is justified. However, careful market analysis, preparation, and a sensible approach significantly reduce the downsides and help secure buying an off-plan apartment in London as a financially sound decision.
Whether it is a small 1-bedroom apartment in North London, or a luxury home in Canary Wharf, off-plan properties have earned their rightful place among the homebuyers in London.
How to buy off-plan property in London?
These are the 5 main steps for buying an off-plan home in London.
Step 1 – Prepare Your Budget
During this step, you need to estimate your budget, save a deposit (10%-20% of the property value), and speak to a mortgage adviser to know precisely how much you can afford.
Step 2 – Find The Right Property
Once you know your budget, continue researching the off-plan market and find which homes fall within your finance. Then, contact a developer and pay a reservation fee if you want to secure a chosen home (typically £500 - £2,000).
Step 3 – Appoint a Conveyancer To Sort Out Legalities
Find an experienced solicitor who will help you manage all the paperwork that comes with buying an off-plan property and assist you with the purchase.
Step 4 – Arrange Your Mortgage, Contracts Exchange, Deposit
Arrange and finalise your mortgage with a lender, who will most likely want you to organise a property valuation. After that, you get your mortgage, sign contracts with the developer, and pay an exchange deposit (different from a mortgage deposit; around 10% of the property value). Exchanging contracts means you are legally obliged to buy the property.
Step 5 – Prepare For The Completion Date
You will get a completion date from your developer, and your finance should be in order before that day. Then, pay the remaining price and the Stamp Duty Land Tax (SDLT), if applicable. Finally, you will get your keys to your new dream home in London.
