What do I have to disclose when selling my home in the UK? Short answer; everything if you want to avoid getting into trouble!
You are legally obligated to follow all disclosure laws for all real estate transactions, reporting any information about defects with the structure or other pertinent facts you are aware of that could ultimately affect the property’s value. In addition, you should discuss with an experienced professional even the most minor of issues that could infringe upon the use, value, or enjoyment of the property in its entirety. Disclosure laws are one reason you should keep careful records of all work done. You should also maintain possession of the disclosure form after the completion for up to three years to protect yourself.
People can be tempted to only disclose positive details of the property, and omit anything ‘negative’ in order to drive up bids and gain more interest. But as I’m sure you can understand; although tempting, this is very misleading and ultimately illegal.
In addition to structural or other issues with the home itself, another way to fail to disclose would be in misrepresenting the property. For example, you schedule a viewing appointment for potential out-of-town buyers to stop by the property, intending to hide the noise factor of a nearby airport or the time of day that smells from a nearby factory are pouring in through the windows, and you don’t mention anything. Read on to discover the consequences of not disclosing problems with your North East house before selling before you find yourself learning them the hard way.
Legal Action
One of the consequences of not disclosing problems with your North East house before selling is facing legal action. Failing to disclose material facts about the property when you sell your home should be avoided because the buyers are highly likely to take legal recourse against what is considered real estate fraud. If the problems with your home have you concerned, a direct sale of the property as-is may be your solution. Like those at North East House Buyers, a direct buyer will detail the amount your home is likely to garner on the open market vs. every figure used to calculate an offer for a direct sale. At North East House Buyers, our goal is to help you earn the highest possible profit on the deal, even if it isn’t with us.
Legal Judgement and Court Costs
Another one of the consequences of not disclosing problems with your North East house before selling, in addition to the time, energy, and stress you will expend dealing with the aftermath, you could end up with a judgment against you in the tens of thousands or more.
Paying for Repairs or Damages Suffered
After completion, you are still responsible financially for paying for any of the consequences experienced by the buyers from your not disclosing problems with your North East house before selling. If a repair is needed, for example, a discovery of unpermitted work you performed, it means you’ll likely be paying for the tear-out and replacement to make it right, along with the permitting fees you were trying to save. Similarly, if medical treatment should be necessary because of a health hazard, the hospital bills could be yours as well.
The experienced direct buyers at North East House Buyers can help you with what you should and should not disclose to help you avoid the consequences of not disclosing problems with your North East house before selling. At North East House Buyers, we understand the importance of communication; our direct buyers stop and listen to your questions or concerns, with no pressure or obligation to work with North East House Buyers. Why not save money and time by selling your house directly to North East House Buyers and avoid the prep work, repairs, viewings, and paying high commissions or other fees at completion. When you make a direct sale to North East House Buyers, we want you to agree that the cash offer for your house is fair because we want you to feel good about working with us long after the sale. Contact North East House Buyers today at 0191 462 0160 to learn more.