GET 24/7 LEGAL ADVICE

020 7387 2032

Purchasing a property off-plan and the rules regarding equity release can be quite complicated, particularly when encountered for the first time. Equally there are a number of financial consequences that flow from when seeking to release equity from a property.

Here we provide an overview of the rules surrounding buying a property off-plan, and the options for releasing equity to do so.

Buying Off-Plan

Purchasing a property off-plan means that the property, at the point of purchase, has no value in and of itself.  Furthermore you will not have ownership of that property until it is built and you are given the keys to it.

Any intention to sell that property in the future, and enjoy any increase in its value can be interrupted by other forces. Your purchase of that property will have involved your taking on a mortgage, which may include penalties if the mortgage is settled ahead of schedule. This could impact the profits you are able to enjoy from the sale of this property.

Equity release in itself, or done so in order to finance a further property purchase, such as buying off-plan, can be complicated, and the choice of scheme that you opt should reflect your circumstances.  Furthermore it is important to be aware of the consequences that flow from purchasing a property off-plan with this money, and the likelihood of enjoying any profit from its future sale.

Equity Release – What are the Options?

Equity release essentially means that you are unlocking some of the value that your property has accumulated, without you moving away from it.  There are a number of people who may find equity release an attractive option, including those who own property and have made significant contributions to their mortgage.  

It is important to be aware that there are different kinds of equity release:

  • Lifetime Mortgages – this relates to borrowing money against the value of your property until death.
  • Home Reversion Plans – this involves selling all or part of your property for a lump sum.

The kind of equity release scheme that you choose will depend on your circumstances, and you should seek expert advice on this.

Property Financing, Equity Release and Buying Off-Plan - Legal Advice & Assistance

At Lewis Nedas, we have an expert team of Property lawyers here to help you finance property purchases, no matter your circumstances. Our Property law team are regularly involved in advising on equity release schemes, and the rules regarding the purchasing of a property off-plan. We will work in partnership with you and ensure that you are fully advised on the legal consequences of any purchase of a property. Contact us now.

Please let us know your name.
Please let us know your email address.
Please enter a valid phone number
Invalid Input
Please let us know your message.
Invalid Input

Top Ranked Lawyers: Legal 500 

Celebrating our 30th anniversary in 2012, we are leaders in criminal defence, serious fraud, serious crime and many other areas of legal practice. We have been involved in many leading cases over the last 30 years and are well known for our genuinely high acquittal rate and overall success rate. Please click the Legal 500 logo below for more information about our rankings.

We are happy to help

Get 24/7 Legal Advice, call

020 7387 2032

“I was put in touch with Lewis Nedas Law through a mutual friend and I was not disappointed. The team were nothing but straight forward, honest and realistic about the nature of my case and the expected outcome from the minute I got in contact and were willing to take over from the previous company at very short notice. With their unrivalled experience and expertise in their profession the outcome was even better than expected and I couldn’t recommend them enough.”


Accreditations and Awards

  • Google 5 stars