What do I need to disclose when selling my home?
Fallen out with your neighbours over a fir tree? Home flooded in the past? Haven’t had planning permission for an extension? Some aspects of being a homeowner may come back to haunt you when selling.
What’s my responsibility as a seller?
Since 2013, the onus has been on the seller of the property to declare the negative as well as the positive details of their home. This is a big change compared to the days of ‘caveat emptor’ or ‘buyer beware’, where the emphasis was on the buyer to ask the right questions about the property they were purchasing.
As a result, it is of utmost importance that sellers answer all questions honestly and to the best of their knowledge – even if they think it may jeopardise their sale or be in detriment to the value of their home.
Where does the estate agent fit in?
Estate agents, including Move Places, have to work transparently and within the law, so they will need to advise a potential buyer about what is disclosed on the Property Information Form (TA6). This form requires the seller to give detailed information about the property and the surrounding area.
What would I have to disclose?
You’ll have to share a lot of information when you sell a property, disclosing all manner of aspects, which include:-
- details of neighbour disputes
- boundary information
- flooding and other environmental issues
- planning permission or development of nearby properties, not just neighbours
- details of building and alteration work carried out at the property, including planning permission and building regulations certificates
- whether there is Japanese knotweed
- problems with pests
- if there has been a death in the property
- reasons why previous sales have fallen through
- any known burglaries in the local area
- structural concerns and defects
What happens if I don’t share something important?
It’s only natural to want to withhold information that may scupper a sale but there are serious implications if you do not share something of importance that you are aware of. Failure to disclose vital information could result in a severely delayed sales process, a reduction in your home’s value and, ultimately, the buyer taking you to court.
However uncomfortable you are about revealing all, it is better to be honest than face legal action months or even years down the line. If you’re not sure what you need to disclose, contact us and we can advise you accordingly.
I’m worried buyers will be put off
If there are unfavourable aspects and you need to sell property fast, Move Places will devise a price and marketing strategy that will encourage the best outcome. If there are still stubborn issues with your sale that mean finding a buyer is difficult or is taking too long, then a professional property buyer can help.
Our sister company Open Property Group can step in with a cash offer and buy any type of property, regardless of condition or problem. They specialise in the purchase of houses and flats with structural concerns, boundary disputes, short leases, property defects and tenant issues, and they won’t ask vendors to fix issue before a sale.
We can help
Our expert team at Move Places can help you through the entire sales process, including dealing with the tricky paperwork. Get in touch with us for a free valuation.