Buying a house that hasn’t yet been built can feel inherently risky, but opting for an off-plan property also comes with some significant benefits.
From customisation options to having first pick of the available plots, an off-plan property offers both financial incentives and the ability to personalise your new home from the start.
If this path to home ownership is a route you want to explore, it’s important to understand how this process works, so you know exactly what to expect and are well-prepared for any challenges along the way.
Jump to:
- Why buy an off-plan property?
- How to buy an off-plan property: A step-by-step guide
– Select plot
– Reserve property
– Arrange mortgage
– Appoint solicitor
– Contract and deadline issued
– Exchange contracts and pay deposit
– Collect the keys and move in
– Post-completion details - Benefits of buying an Eaton Homes off-plan home
- FAQs
Why buy an off-plan property?
As touched on above, off-plan properties have unique advantages that can make them a more attractive option for prospective buyers. This includes:
Customisation options: As the property isn’t constructed yet, there’s plenty of time to personalise the space by customising certain features, such as the flooring, kitchen cabinets, and wet room tiles.
No onward chain: By buying the property directly from the developer, you can avoid the stress and unpredictability of a long property chain.
Builder warranties: Once the property is complete, it should come with a 10-12-year structural warranty for greater peace of mind.
First choice of plot: Exploring development plots at such an early stage gives you the chance to choose the specific unit, floor, or view that best meets your needs.
Developer incentives: Some developers may offer certain incentives to encourage sales, such as a flooring package.
How to buy an off-plan property: a step-by-step guide
1. Select plot
While you won’t be able to visit the property (as it’s not been built yet), reviewing the floor plans, brochures, and specifications for each plot can help you to visualise what the finished home will look like and understand exactly what is and isn’t included.
It’s also essential to visit the surrounding area and view the show home or marketing suite to get a clearer sense of the development’s style, layout, and overall feel.
2. Reserve property
To secure your chosen plot, you’ll need to sign a reservation agreement and pay the reservation fee (typically between £500-£5,000) to the developer.
In most cases, this amount is deducted from the sale. However, it’s important to bear in mind that if the purchase is cancelled, this fee may not be refunded.
3. Arrange mortgage
Unless you’re a cash buyer, you’ll need to arrange a mortgage promptly to finance your new home.
This is especially important when purchasing an off-plan property as construction can take several months, depending on the size, complexity, and the stage of the project when you buy.
As most mortgage offers typically expire after six months (though some lenders offer specific off-plan mortgage timeframes), you may need to request an extension or apply for a new offer if the build takes longer than expected.
4. Appoint solicitor
Swiftly contacting a solicitor or conveyancer is also vital for ensuring more extensive checks, including reviewing the planning permissions, restrictive covenants, building warranties, land acquisition, and site decontamination plans, have been carried out.
You should also provide the solicitor with your ID, contract paperwork, exchange of contracts deadline, and evidence of funding, so they can handle the legalities of the purchase.
5. Contract and deadline issued
The developer’s conveyancer will provide you with a contract and a deadline to exchange contracts which is typically within 28 days of reserving the plot.
You will then be provided with an approximate build completion date.
6. Exchange contracts and pay deposit
Once your mortgage is in place, the solicitor has finished their checks, you’ll be ready to sign and exchange contracts.
A legally binding arrangement, this is typically when the deposit is paid, which is usually 10% of the purchase price.
7. Collect the keys and move in
Upon completion of the build, you can collect the keys, move in, and start enjoying your new home!
8. Post-completion details
After completion, your solicitor will register the property with the Land Registry.
Make sure you store any warranties, guarantees, and completion documents safely, as you may need them for future reference or when you choose to sell the property.
Benefits of buying an Eaton Homes off-plan home
At Eaton Homes, we know that homes are so much more than just walls, roofs, and fittings, The surroundings, space, views, layout, and finishing touches all play an important role in differentiating just another house from your new home.
When you trust a developer to deliver on quality, value, and community, there’s no need to wait until the property is finished to put down roots.
Our latest development in Beeston, Cheshire is ongoing and with phase four still to follow, there are plenty of high-quality off-plan properties to explore.
Based in the heart of leafy Cheshire, why not pay us a visit? You can either arrange a viewing of our show home or pop by the marketing suite to visualise your new life in an Eaton Homes property.
Or, to learn more about buying an off-plan property, simply get in touch with our team!
Call us on: 01829 824044
Email us at: info@eatonhomes.co.uk
FAQs
What does buying off-plan mean?
Buying off-plan simply means agreeing to purchase a property while it’s still under construction or before building has even begun.
What personalisation options are available?
Buying off-plan often affords buyers the opportunity to personalise their new home by choosing various features, such as the kitchen cabinet colours, wet room tiles, and flooring.
However, the level of available customisation will vary depending on the stage of construction, and the specific developer, so it’s worth discussing what’s possible during your initial consultation.
How much is a reservation fee on an off-plan property?
Reservation fees vary depending on the property type, developer, and sale method, but tend to cost in the region of £500-£5,000.
How long does it take to buy an off-plan property?
When you buy an off-plan property, most developers will insist on exchanging contracts within 28 days of paying the reservation fee.
However, you may have to wait several months or even longer after this point (depending on the stage of the construction) before you can move in.
Do you need searches when buying an off-plan property?
Yes, searches are essential for all properties – including new builds and off-plan properties as they’re designed to uncover a wide range of issues.
Local authority, environmental, and water and drainage searches can all reveal hidden problems that could affect the property.
What is the estimated completion date, and what happens if it’s delayed?
Off-plan properties tend to have flexible, estimated completion dates to accommodate for any delays. In the event of a delay, the completion date can be pushed back accordingly.
What warranties do off-plan properties have?
Like new builds, off-plan properties in the UK tend to come with 10-12-year structural warranties.
Properties from Eaton Homes’ Beeston development in Cheshire come with a reassuring structural warranty.
How long is the mortgage offer valid for?
Most mortgage offers expire after six months. If completion is delayed past this point, you may need to request an extension or reapply.
Some lenders offer specific off-plan mortgage timeframes with longer validity periods, which can make financing your new home easier.
Want to know more? read more buyer guides or reserve a plot at Beeston Market.
