Buying off-plan property is often seen as a daunting process, especially for first-time buyers or investors. However, it’s a straightforward and intelligent way to build your portfolio or secure a new home. With the right guidance, it can be a highly rewarding investment. Here’s a step-by-step guide to purchasing an off-plan apartment, brought to you by Banke International Properties.
1. Consult with an Industry Expert
Before you make any decisions, it’s important to speak with an industry expert. While you may not be able to secure a mortgage until closer to completion, your expert will help you understand what can be borrowed and when to start your formal application. Their insight will also guide you in choosing the right development and location.
2. Define Your Investment Goals
Are you buying to live in or purely as an investment? If it’s an investment, determine whether you’re looking for solid rental yields, long-term capital growth, or a combination of both. Understanding your goals will help narrow down the right location and development to suit your objectives.
3. Choose the Right Development & Location
The key to a successful off-plan purchase is selecting the right development in the right area. Banke International Properties offers a wide range of residential developments across some of the most sought-after locations. Whether you’re interested in high-demand areas within London or emerging markets in Manchester, our expert team can guide you to the perfect property that aligns with your investment strategy.
4. Pay Your Deposit
Once you’ve settled on the property, the next step is paying your reservation deposit. This secures your apartment and takes it off the market. You’ll also need to appoint a solicitor — we can connect you with a solicitor experienced in off-plan purchases to ensure the process runs smoothly.
5. Let the Solicitors Do Their Work
The legal side of purchasing off-plan typically takes around 3-4 weeks. Your solicitor will handle the paperwork, ensuring everything is in place for you to proceed.
6. Time to Exchange Contracts
When the legal work is complete, it’s time to exchange contracts. At this stage, you’ll typically need to pay 10% of the purchase price (minus the deposit you’ve already paid). Depending on the development, there may be further staged payments before completion.
7. Track the Construction Progress
Once contracts are exchanged, you’ll enter the waiting phase. Watch as the building takes shape, and your new home or investment grows. Developers often send regular updates, keeping you informed about construction milestones.
8. Finalizing Your Mortgage
With the exchange complete, it’s time to work with your industry expert to finalize your mortgage application. Typically, this is done around six months before completion, but timelines may vary depending on the lender and development.
9. Post-Completion Preparation
If your purchase is an investment, it’s important to plan ahead. Our dedicated Residential Development Lettings Team can assist you in preparing the property for tenants. We can help furnish the apartment and even find a tenant before completion, ensuring you’re ready to earn rental income from day one.
10. Completion and Handover
On completion day, you’ll receive a notice with the exact dates and process for finalizing your purchase. Usually, you’ll have about two weeks to complete the transaction. Your solicitor will handle the details, and once everything is in order, you’ll collect the keys to your new property.
Banke International Properties is here to guide you every step of the way through the off-plan purchase process, ensuring that your investment journey is smooth and rewarding. With our industry expertise and access to prime locations, we’ll help you make an informed decision that aligns with your goals.
Ready to invest in your future? Contact us today and let our expert team assist you in finding your perfect off-plan property.