Buyer and Seller beware

Home purchases can be impeded or fall through if information is found in the survey that causes the lender or purchaser cause for concern.

After a sale is agreed this information normally comes to light by a separate home survey taken by the purchaser or valuation for the lender. Things that this normally relates to are the value of the house or an extra cost involved to correct a problem.

defect 2Normal common problems are,  structural movement and damp but there are many other issues that can arise in a home and when these issues are raised they can cause concern for the purchaser and the seller.
Issues such as Japanese knotweed, fracking, asbestos and flooding to name just a few can be a big problem when selling a home

To avoid these issues when purchasing a house a buyer should obtain all the information from the seller about the properties characteristics and use locally available information to find details such as local planning issues, and school catchment areas. Carrying out this research will mean you are fully aware at each and every stage of the property transaction.

It would be recommended that a purchaser should obtain there own home survey as a initial step and not rely on a lender valuation. If after this survey further reports are needed or estimations on works required to be carried out are recommended then this should be done to obtain the full picture of the property.

Provided that the correct information is gained through a industry standard source then any problem can be managed and an appropriate solution can be worked out. This of course may affect the properties valuation and then further renegotiation may be required.  Cooperation from both the seller, buyer and the lenders and advisers are required to come to an acceptable solution.