Property acquisition, a guide

Buying a house and fitting it out sounds like an expensive way to get what you want. Bought and designed together, it often costs less than the finished equivalent.

NU Projects has spent years sourcing unmodernised houses in London. This is what we have learned about buying one and bringing it up to standard.

Reduced stamp duty

When sourcing an unmodernised property at a low price, stamp duty charges can be reduced upon purchase. Consequently, this saving can be used for refurbishing the property to a high finish.

Feasibility assessment

You see the costs and fees, the schedule, the plans, the proposed layouts and the build progress as we see them.

We cover up to five feasibility assessments, including proposed plans, high-level costs and the anticipated time frame. This is included within the cost of the retainer.

Purchase negotiation

You cannot negotiate well on a market you do not know. We have bought more than twenty properties in the UK ourselves, so we can negotiate terms on the basis of what things actually sell for.

Find it, design it, develop it

The project does not stop at the purchase. Finding, buying and developing a house is a long process, and running the three together removes the gaps between them.

We provide three services, we can

1. find,
2. design
3. and develop

We are the sole point of contact throughout, making the whole project more straightforward and stress-free.

Timeless design and more value

Good design raises both what the house is worth and what it is like to live in. Our interior design work starts from the light: how much reaches each room, and what is blocking it. We call this volumetric design.

We design spaces with a sophisticated approach tailored to our clients’ needs, lifestyles and tastes.

Adding value

Finding the right property is the hard part. Over sixteen years we have built a network of owners and of on and off-market agents, and we select houses that have real development potential. That matters most to buyers who are not in London to view them.

We look not only for value at purchase but also to increase the property value. Our aim is to make the total cost of the property and development 10% less than its market value.

Initial site funding

NU Projects can help you find the unmodernised property and then look at the funding options that let the purchase complete on time.

Self-build and refurbishment funding

Once you have obtained the property, you have to decide whether to refurbish or completely start again from scratch. Either way, we can introduce you to lenders, including development finance lenders, who understand how a build is financed. The brokers advise on the finance itself. We do not.

Cash flow

Be aware that throughout the development process, your cash flow can be impacted by several variables. For example, contractors requiring payment before you have the funds to service the invoice might leave you out of pocket.

NU Projects can point you at the finance options around a build, including invoice financing, which keeps cash available while the work runs.

Development exit finance

The work does not end at practical completion. We can introduce you to brokers who arrange the move onto a mainstream mortgage suited to how the property will be used.

That covers short-term funding while you wait to sell, and residential mortgages.

Protecting the project

The property needs to be insured through the build and again on completion, and the two are different policies.

We help provide suitable insurance for its intended use. We can source

• developers’ insurance,
• specialised renovations insurance,
• and buildings insurance on completion.

Costs and fees

The search criteria, the size and the scope vary from one client to the next, so the fee does too.

As every project is unique, our fees are determined on a case by case basis. We offer reduced fees for clients who sign up for both our sourcing and design services.

If you are looking for a property in London, tell us what you are after, call 020 7731 6841 or email info@nuprojects.co.uk.