Selling your home can be a stressful and expensive time. Throughout the legal process to sell your house, your purchaser may uncover various defects or legal issues. Your solicitor will discuss these with you and resolve them with the purchaser and their solicitor. What issues with the property may be uncovered and what could your buyer ask for from you?
Problems revealed by a survey
A buyer will usually obtain a survey on the house, particularly if they are purchasing with a mortgage. The survey may reveal structural defects, damp or leaks. If this is going to cost a purchaser to repair, they may wish to attempt to renegotiate the purchase price with you to cover the costs of the repairs.
Indemnity insurance
Title investigations and searches can sometimes show up issues with the property or with the title. If this happens, purchasers will normally obtain indemnity insurance to protect themselves. Insurance is commonly taken out where there is a lack of building regulations or planning permission on works that have been done to the property, or where there is a of certification for the boiler or electrical works.
The purchaser will often ask that you pay for the insurance. Your solicitor will normally arrange the insurance, and the price will depend on the type of policy and the price of your property.
Gas/electrical checks
A purchaser may wish to see gas and electrical reports to check that everything is in a good, working condition. Although they are not legally required, sellers sometimes choose to pay for these as an incentive to the purchaser. If the property is relatively new, this is less likely to be required.
If you are considering selling your property, think firstly about whether any works have been done or whether any defect could be inherent in the property. You may wish to consider resolving any issues before you put the property on the market. This could mean you avoid losing money once you have accepted an offer and the survey has been carried out.
Finally, keep all of your documents and guarantees for windows, doors, electrical work, work done to the boiler and any structural alterations that have taken place in the property. This can assist proving that all works have been carried out by accredited contractors and with the correct permissions.
If you are thinking of selling your property and wish to obtain a quote for the legal work, get in contact today on 0113 244 9931.
