A Guide To Buying Your Next Property ‘Off-Plan'

We have all been there: a property advert catches your eye or perhaps you spot the perfect new 'work from home' pad. With Covid still prevalent, many are reluctant to visit properties- making buying off-plan a tempting proposition. When the development is finished Covid should (fingers crossed) be a fading memory.

What does buying 'off-plan' mean?

Basically, it is a purchase based on drawings, simulations, or projections. The actual property may be a building site or not even have foundations yet. The term applies to both newbuilds and refurbishment projects.
A purchaser puts down a reservation fee/deposit and signs a contract with the seller who promises to finish the property in accordance with the plans and by a certain date. In return, the purchaser agrees to buy the property within a certain time of the seller's 'notice to complete'. Penalties apply if either party pulls out or are unable to comply with the agreement.