Buying an off-plan home here in the central London is a great way for investors and owner occupiers to make their home in a newly built residence with modern comforts set within a historically rich capital city which comes with own renowned perks. To take a look at our available off-plan stock, click here
With years of experience within the new homes and assignments sectors, Ernest-Brooks International is the perfect choice for anyone considering any type of acquisition of off-plan property or better portfolio management.
Ernest-Brooks International uses a strategy centred around education and market knowledge to ensure that our clients have the correct tools at their disposal to achieve their investment goals and make informed decisions regarding their assets. Ernest-Brooks International aims to become the lead for any investor, foreign or domestic, looking at making a new homes purchase.
Buying off-plan property whether its direct from developer or an assignment contract is something many people see as a complicated and confusing process that is best left to those with a lot of property experience. The reality is that its really simple and can be a very intelligent and worthwhile investment option. Our portfolio management service will give you full access to our market research and global reach helping those looking to sell.
Guide To Buying Off-Plan:
Facts About New Homes:
Newly constructed properties are much more energy efficient and therefore a great deal more economical to run than many older properties, you may also benefit from structural and other guarantees as such as NHBC from the builder or developer. New build properties will also complement contemporary lifestyles with facilities on offer such as gymnasiums, pools and residents lounges to attract agreeable rental figures upon completion and stoke demand with future buyers.
What Are Your Investment Goals?
Are you looking at purchasing for personal habitation or is this purchase purely an investment choice?
If your motive is personal habitation we can assist in finding the perfect size, floor and aspect – most often before schemes launch to the public.
If the purchase is for investment are you looking to benefit from the rental yields, capital growth, or both?
Luckily, Ernest-Brooks International can access to many schemes with investment potential to cover both options; let us know what you want to achieve and we can do the rest.
Many investors who buy property off-plan purchase at the earliest phases of planning and construction (phase one), with the intention of securing a short term profit by re-selling the contract otherwise known as flipping (assigning) their investment prior to the completion of the development. Others, will take a medium to long term view on the investment by holding their stock as part of a property portfolio, hedging that their investment will be worth more closer to completion than at the point of purchase from the developer; which is often the case in the London market.
There is a huge variety of locations and price points available in the new homes market and our specialist residential development and investment team will be able to help you select the perfect product to suit your needs.
Ernest-Brooks International work with a diverse selection of clients from all over the world. Some investors prefer to take on small portfolios in one specific development, others make use of our advice in where to buy or even where we buy and will cherry pick units from multiple schemes with a clear and concise financial targets in place – we plan when to sell, how to sell, and the target audience that we aim to reach.
Making Use Of Developer Incentives:
With such a wealth of new schemes in London there may be opportunities to make use of the various discounts and financial incentives from a developer. We also often have investors looking to buy within the same developments so we may able to place bulk buys and gain collectively.
Investing off-plan does come with associated risks and so wherever you choose to invest, always ensure that you undertake your own careful planning and due diligence. We of course aim to keep risk to a minimum and always listen to your needs and affordability
Let The Solicitors Do Their Job
The exchange process usually takes around 3-4 weeks. Making use of a solicitor who is competent and well versed when dealing with new homes, assignments or nominations is highly recommended. Ernest-Brooks International keeps ties with a number of solicitors firms who will be able to assist any buyer or vendor.
Time To Exchange
Unusually you will be required to put down a deposit 10 or 20 per cent of the purchase price (minus your deposit already paid) or if you purchase an assignment you will need to factor in the vendors (current owner of the contract) appreciation so far. Depending on the development, there may be further staged payments due before completion.
Ernest-Brooks International will provide a clear payment plan ensuring that you have the knowledge necessary to move forward on your purchase.
After you have exchanged, check with your financial advisor when you should start your formal mortgage application process.
On completion a representative from Ernest-Brooks International will be more than happy to meet the developers representative and perform an inspection of the property before taking charge of the keys on your behalf. Any issues with the property will be marked and disc used with the developer and unit that is not up to standard will not be signed over until you are happy with the finished product. Whilst Ernest-Brooks International is not a RICS qualified entity we do have a lot of experience with property handovers and will be able to provide you with peace of mind when taking ownership of your new home.
When your apartment is ready, the developer will issue a completion notice this informing you how long you have to complete on your purchase - usually between two and four weeks. At this point we advise to arrange cash or advise your mortgage company and your solicitor will do the rest.
Finding A Tenant:
If you are thinking about letting the property, speak to our lettings team who will be able to help you furnish the property and have the property pre-let so that you have a tenant in situ from day one.
Call us on 0203 621 8881 and ask our residential development and investment team where we see the market developing over the next few years.