many pitfalls sadly.. Any lease needs professional (or indemnified) representation -in my opinion.
Or to put it another way: trust no developer -and for a new scheme consider what happens to headleases/freeholds and lessors obligations (the lift, the roof, the pool?) – especially if things don’t go to the developers business plans. If your an early buyer and/or the deal covers these risks it could still be worth doing though.
When your not a cash buyer though, none of this matters – the lender will require indemnified representation for their interests anyway – in house or hired. You pay for this one way or another. They will possibly have specific loan-to-valuation or indemnity rqmnts for new developments.
If your a cash buyer – It’s an age-old insurance gambit I guess. Can you understand or quantify the risk & afford to cover the loss without it.. Unless you have good experience or deep pockets – possibly not..