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 or or telephone 01606 74301