Buying a Property "off plan"

A recent High Court case illustrates the dangers of  buying “off plan” and these are dangers that all buyers need to be warned about.

The case involved a proposed redevelopment of a hotel in Birkenhead into 62 flats. The flats were sold off plan with deposits of 25% being used to fund the project. There was also bank lending secured on the property.  

The developer went bust and the flat buyers wanted their deposits back.   

Who got preference – the buyers or the bank and did the buyers manage to recover their deposits?

If you would like to know more contact Joanne Charles or Rebecca Skelly on joanne.charles@mosshaselhurst.co.uk or rebecca.antony@mosshaselhurst.co.uk or telephone 01606 74301