One of the most popular assets classes in the UK, off-plan property refers to the purchase of an apartment or house prior to it's practical completion.
Here at Knight Knox we make investing in off-plan property simple, and in this quick guide we will run through the basics of off-plan property investment and the process when investing through us.
Discuss your requirements with your property consultant
Your consultant will assist you in finding the perfect investment opportunity
Pay a reservation deposit of £5,000 to secure your apartment
Notify your dedicated aftersales consultant of your chosen solicitor
Exchange of contracts will be required within 21 days of reservation
Once you have decided that off-plan property investment is for you it is time to pick your perfect property. From choosing your preferred location and size to choosing the orientation - there are a plethora of decisions to be made. View our available property investment opportunities here and one of our dedicated property consultants will be happy to help.
After choosing your off-plan property you will be expected to pay a deposit to reserve it. At Knight Knox we require a reservation fee of £5,000.
You must appoint a solicitor to carry out legal work on your behalf. If you are unsure of which firm to use, Knight Knox has a panel of recommended firms who are well versed in the intricacies of off-plan buy-to-let property.
Once you have decided on which solicitor to use, they will require you to sign an instruction letter to confirm appointment.
The developer's solicitors will issue your solicitors with a contract pack
Your solicitor will raise any enquiries they have on your behalf, and you have the opportunity to ask any questions
Once satisfied you will sign and return the contract and pay your exchange fees
Once exchange has taken place the purchase becomes legally binding
When purchasing any property in the UK you will be required to undergo Anti-Money Laundering Checks (AML). In order for the solicitors to do this they will require a proof of address, a certified form of ID and a source of funding (normally in the form of a questionnaire and a bank statement).
Please note that if you have a joint account you will be required to provide certified ID for both account holders.
Once your property is structurally complete your solicitor will receive a completion notice, at which point you will have 10 working days to pay the remaining charges. Your solicitor will carry out final legal work including carrying out searches and reviewing documents and once this is done you will formally complete your purchase.
At Knight Knox we have a dedicated team of professionals on hand to guide you through every step of the process, from picking your perfect apartment to completing the legal paperwork and liaising with your chosen solicitor on your behalf.
Are you looking to purchase an off-plan property?Browse through our available property investment opportunities here