Off-plan contract exchange

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Off-plan contract exchange

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rajkumar4ever

Posts: 2
Joined: 17/8/2007

Off-plan contract exchange

Hi,

I am planning to buy an offplan property in Manchester Towers, Manchester. The property agent/promoter, Colour Capital Ltd (www.colourcapital.co.uk) says that we don't need a solicitor at the point of paying the initial deposit, is it advisable to proceed without a solicitor? Also they insist the need of a solicitor only at the time of paying stamp duty, ie after completion, is it right? If I pay the deposit now without a solicitor, will there be any complication in future and what about the safety for the money paid in? Is this the way all other offplan properties work?

Thanks,
Raj.

Report Abuse | Date 17/8/2007 5:18:23 PM

jtillyer

Posts: 28
Joined: 30/5/2007

RE: Off-plan contract exchange (in reply to rajkumar4ever)

This is a normal way of purchasing off plan property.

My only advise would be to come to me next time as I do not charge any finders fee and work directly for the developer!

Thanks.
Jaime

Report Abuse | Date 12/10/2007 9:54:48 PM

TheBestPropetryCompany.com

Posts: 4
Joined: 12/2/2008

RE: Off-plan contract exchange (in reply to rajkumar4ever)

Hi raj,

Please be careful with off plan, make sure you get an independent val done before you purchase.
Off plan tends to work great in a raising market, but ask yourself, do you have a rising market currently? esp up north?
Good luck whatever you plan to do! All I recommend is do your due diligence on the area and the developer.

Good luc

Robert Soltanie

Report Abuse | Date 12/2/2008 2:13:58 PM

Richard Webster

Posts: 21
Joined: 25/8/2006

RE: Off-plan contract exchange (in reply to rajkumar4ever)

quote:

The property agent/promoter, Colour Capital Ltd (www.colourcapital.co.uk) says that we don't need a solicitor at the point of paying the initial deposit, is it advisable to proceed without a solicitor?

The reason they tell you you don't need a solicitor is that he would tell you it was probably grossly overpriced!

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.

Report Abuse | Date 25/2/2008 4:21:07 PM

jaybmv

Posts: 2
Joined: 24/4/2008

RE: Off-plan contract exchange (in reply to rajkumar4ever)

Hi Raj,

Off plan these day seem to be a very risk investment, many developer state they have giving discounts which in fact they are overpriced anyway to start, so what you are really getting is a price of which it would be at market value, even worse, you will find the off plan development once completed will most often leave you with negative equity.

Off plans are ok, if you intend on living in the property for a long time or willing to keep it as an investment property for a long term. if you have been told that you are getting a discount and you will also benefit from captial appciation during the build process, then you are in for a disaapointment, these are my experience not personally, but of clients i know of.

Take a look at my profile for web details

regards

Jay

Report Abuse | Date 24/4/2008 3:47:52 PM