Buying off the plan - in UK

anyone had experience with this -any tips? how do you know what you are getting if it isnt build yet any advise welcome! thanks

i've bought 3 off plan properties in london from agents in HK. my considerations are:-


- never rely solely on what the agent and developer tell you, do your own research on the local area etc. most projects will have you believe that the apartments are in the heart of London, even when they are miles out

- look at the map of the immediate surrounding area and see what else is being built/ proposed. agents have a duty to tell you if there is/ will be a huge 4 lane flyover outside your window even if it's not mentioned in the glossy marketing brochure

- ask the agents whether they have purchased any units themselves (always a good indication)

- will this be an investment property or will you live in it eventually? (different things to consider)

- what are the payment terms prior to completion?

- are the contracts assignable? (i.e. can you sell before completion - v.imp esp. if you want to make a quick $$$)

- do they have any prior developments which you can look at?

- always make the developer's lawyer/ agent representative sign on any points which you want guaranteed e.g. stated sq. footage, special payment terms (these are sometimes negotiable) on the memorandum of sale

- ask them when did they first start marketing the development (i've seen one particular project that has been doing the rounds in HK for about 3 years now - there must be a reason!)

- any good conveyancing lawyer should be able to spot any irregularities with the paperwork, but you will need one that can deal with off-plan agreements

- you should try and work out your financing (i.e. how much you can afford) before you go to an exhibition. often the "best" apartments are snapped up/ reserved pretty quickly. it's actually better to go and see the local agent prior to the general exhibition, so you can have the pick of the units and look at the details more leisurely in their office


UK interest rates are rising and prices seem very high for the recent projects marketed in HK.


all of mine were purchased as investments, i would have looked at them differently if i was going to live in them.

thanks so much - looking as an investment as well...prices are high at the moment but it seems to be forever that people say it will drop - and it never does - just keeps on going.. appreciate your insight - interesting points

Buy an Oasis ticket to London and take a look if you are serious. London is a great city but you are never that far from a not so great area. So you may be next door to something you dont know about. You can do london in a weekend quite easily - and as the poster above says not all the developments are in as good an area as the blurb may suggest.

oh dear spannermonkey, i think your comment might get deleted coz AF&Co are advertisers on this site.


unfortunately though, once you have purchased your property, most agents would expect you to sort everything out directly with the developer and solicitor.


i've always sold my properties by contacting the agents locally in the uk, the fee rates are much better (no split commission) and they are the ones with the local buyer database. the last one was sold within 5 days of being put on the market!


if you ask a hk agent to sell it for you, all they will do is ring some agents in the uk to "sub" it out anyway. so why pay extra $$$ for them to make a few calls?


in my experience, it is really difficult to re-sell an off-plan property. people in the uk won't usually buy something if it isn't built yet.