Unmasking the Shocking Reality of Off-Plan UK Investments

Expat Property Story

#109
This episode is a must-listen cautionary tale for time-poor expats, overseas investors and anyone else tempted by off-plan developments in the UK.

Christina Campion and her husband thought they’d bagged a bargain when they invested in the swankiest apartment on the top floor of new development overlooking a beautiful park in the centre of Preston.

But all that glitters is not gold. When they visited the property for the first time, the layout of the flat was totally different from what they’d been promised.

And what should have been a warm insulated roof was a cold slab of concrete but had nonetheless been signed off by the approved inspector.

Their tenants were literally frozen out as icy winds howled in through gaps in the extractor fan and utility bills went literally through the uninsulated roof.

But it's not all doom and gloom. Christina's story also highlights the power of taking action, and putting the pressure on developers to make necessary repairs and improvements. She shares valuable lessons learned and offers practical advice for listeners considering similar investments.

This episode covers:

• The importance of having a good solicitor
• The dangers of putting down more than 10% deposit
• Private Building Control companies
• The dangers of leasehold properties
• The difficulty of getting a mortgage on an off-plan new build development
• Developers selling the freehold of a building to a 3rd party

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Keywords:
pre-purchase evaluation, Eswatini, Swaziland, investment options, Christina Campion, off-plan property investment, new-build developments, expats, overseas investors, salespeople, good investment, bad experience, diligence, ethics, approved inspectors, building regulations, insulation, warm insulated roof, council building control, enforcement notice, mold spores, dampness, chaotic construction site, additional payment, long stop dates, fire certificate, developer's reputation, water pouring, managing company, lifts breaking down, emergency phone line