28th February 2019
Last year our Commercial Property Associate, Melanie Roberts acted for purchasers who had offered on a three bed bungalow. During the due diligence it became quickly apparent that the property had no planning permission or building regulations for its loft conversion.
The Seller was unprepared to apply retrospectively to the local council for legal consents required and unfortunately the work had been completed within the last twelve months so insurance against the defect was unobtainable and unaffordable. The Purchasers Surveyor had suggested a £40k reduction in the purchase price as a consequence. My clients decided to withdraw from the transaction and were advised to complain to the Property Ombudsmen but they eventually found another property which went through smoothly!
The bungalow was still on the market 6 months later and was then taken off. This demonstrated that that preparation could have helped the sellers, agents and buyers along with saving costs.
Tips for Buyers:
Tips for Sellers:
For further information or advice on Residential or Commercial Property, please contact Melanie Roberts on 01256 305531 or email firstname.lastname@example.org
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
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