Off-plan FAQs
Is buying an off-plan property worth it?
Ultimately, only you can decide. Buying off-plan is a good option if you want a brand-new home, the ability to customise it, and the chance for its value to increase before completion. However, there are risks, including build delays, mortgage offer expiry, and market changes. Whether it’s the right choice depends on your finances, how quickly you need to move, and your appetite for risk.
Are you tied to a conveyancing solicitor when buying off-plan?
No. You have the right to choose your own conveyancer when purchasing an off-plan property. You might find developers pushing you towards using their preferred conveyancing solicitors, claiming their solicitors' familiarity with the project leads to both cost savings and quicker transactions. However, it's important to understand that you are not obligated to use the conveyancing solicitor recommended by the developer. Choosing your own independent conveyancer can offer several advantages. The conveyancers we work with at My Home Move Conveyancing will review all documentation objectively and are more likely to address any issues without the potential bias that might arise from a solicitor who frequently works with the developer. Get a quote for your off-plan purchase today.
Are off-plan properties cheaper?
Off-plan properties can work out cheaper for a few reasons:
New build developers can offer incentives to attract buyers
Due to the length of the build, you may be able to pay in instalments, making it more affordable over time
Depending on the housing market, the property value may start increasing before you have even moved into it
However, you should also bear in mind that buying off-plan carries some risks, such as potential build delays, changes in the property market, and the possibility that the final value may not increase as expected. It’s important to weigh these factors carefully before committing.
Do you get a warranty or insurance for off-plan homes?
Yes, off-plan homes usually come with a warranty or insurance. Most new builds in the UK have a 10-year structural warranty from providers like National House Building Council (NHBC) or Local Authority Building Control (LABC). The warranty often covers general defects for the first two years, with structural defects covered for up to 10 years. It’s important to carefully review the warranty details to understand exactly what is covered. We also recommend researching the types of insurance you might need for a newly constructed home and what to look for in a policy.
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