Construction vs. buying off-plan
It can be exciting to buy off plan, but you should be aware that plot size, location and finish may vary. You can inspect the property “on-the-ground” when you buy a newly built home that has already been constructed or is under construction.
Consider whether your furniture will fit in the new rooms. Your garden may be smaller than you expected. Can your table pass through the front entrance?
It’s important when buying off-plan to consider the property’s specs and if possible, look ahead at the future.
Do you plan to have a family in the future? Are there enough bedrooms? Do you plan to retire? Will this be too large for you?
Try to imagine what amenities will be near, what type of property will be there and what the final completion date will be for the entire development. Remember that you’ll be living in a construction site for a while after moving into your new house if the project is still ongoing. When you need Conveyancing Solicitors Gloucester, visit deeandgriffin.co.uk/personal-legal-services/conveyancing/gloucester
Buyers contract
You must read the contract carefully. There are a few things to keep in mind, and you may have to pay additional fees or have limited changes that can be made to your home and grounds.
Included are:
Shared Facility Charges
You might have to pay a service fee for shared facilities such as communal gardens. This should be disclosed by the developer and should also appear in your legal documents. It is important to be aware of any additional costs, since you will have to include them in your monthly expenses.
Leasehold or Freehold?
You will likely have to pay a ground rent as well as a service fee if your new home has leased status. If your new home is leasehold, you will also need to get the permission of the management company or landlord before you make any changes or sublet it. You should also ensure that you’ve budgeted adequately for these ongoing costs.
Drains, sewers, and roads
In a new construction, it is likely that the developer will construct the drains, sewers, and roads serving the property. The Highways Authority and Water Authority will be responsible for maintaining new sewers or roads after a period of time, unless otherwise specified in the contract.
If the developer goes out of business, your solicitor should make sure that there are agreements in place and funds allocated to cover any costs.
The buyer could be required to pay for maintenance until the adoption is complete if the correct agreements are not in place. You should be aware of any costs and liabilities that may arise if the contract stipulates that the services will remain private.
