UK offplan "discount" companies

G

GJ23

Guest
Hello
Does anybody have any experience of using one of these uk companies that are all over the internet to buy properties offplan at 15% discount?
Im only interested in people who have actually used them or began to use them and pulled out when they saw something 'fishy' with the deal .
Im not interested in opinions from people who have no experience of using them.

thanks
gary
 
What specific companies are you talking about? By limiting the feedback that you are prepared to countenance to only that from people who have direct experience you could be missing out on some very pertinent and useful comments and advice from others who don't fit your criteria for responding to your query.
 
The couple in the above tale seem to have got a promotional \marketing discount from the builder\vendor. This is not a real discount at all in my opinion.

This is to be distinguished from the situation where somebody goes to a builder and says "If I buy x number of units what discount will you give". In the UK, this tactic does seem to yield a real discount in some situations. I do know a few people who have grouped together in an informal way to buy UK properties in this manner. Good discounts (7% - 10%) have been achieved. Unfortunately, I have no experience of dealing with any companies who offer a service in this area, but I rather imagine that it would be difficult to trust the advice which they give: after all, they need to flog units which they have pre-booked, so it is hard to see how they have the poor punter's interests at heart.
 
I have purchased property offplan in the UK.

I'm assuming you have checked out the company offering the properties for sale...

In my experience the discount will be in relation to it's projected value when the unit is built. Very dangerous to assume you can 'flip' a property at that stage as the market may not increase.

Normal common sense applies, assume you will mortgage the property, rent it out and keep it for a minimum time. (my estimate is 5 years minimum)

Check prices for comparable properties and rents on the internet. i.e What are people asking...

Finally, jump on a Ryanair flight for €2 and visit the area. Talk to auctioneers in the area - don't tell them your full story as they will probably knock the property you are looking at and try to sell you on of theirs.

Above for starters only...

Best of luck
 

In the UK these types of deals are being referred to as "Lie To Let" I have had experiecne of them and found that the property is simply overpriced anyway. I know the Birmingham area very well and there are 3 companies that I know of offering so called discounts. The properties are apartments and the market is flooded with them. In my opinion I would stay away from these. Mortgage lenders are gradually cottining on to the valuations.
 
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