Eager to get your investment property on the market? Or perhaps it’s time to downsize your family home.
If so, you’re probably already wondering how potential buyers might view it. Regardless of the location, size or its condition, every property will have positive selling points as well as areas of concern.
You may believe not mentioning these more negative aspects of your property (like an unreliable boiler, battered fencing or squeaky floorboards, for example) is the right approach.
However, when it comes to disclosing these issues to prospective buyers, honesty is the best policy.
Find out why, and which issues you need to reveal, below.
Is a seller legally obliged to reveal property information?
While it can be tempting to suppress certain hidden defects, disputes with neighbours, or major problems unearthed by previous surveys to make your home seem more appealing, this is not recommended.
Instead, adopting an honest approach is best for a.
Previously, the onus was on a buyer to do their research into any potential property issues while the seller had no legal obligation to disclose information regarding property concerns. Nowadays, however, the responsibility is more shared because the seller is required by law to share important property information.
This is due to the Consumer Protection Against Unfair Trading Regulations, which effectively obligates a seller to disclose anything of importance that they are aware of in relation to the property. Regardless of whether the seller intends to keep a few property secrets or blatantly deceive buyers, neither route is allowed.
Not only are any negative property issues likely to be discovered by the interested party’s own solicitor or building surveyor anyway, but purposely choosing not to reveal information could drag out selling process and create unnecessary tension between the two parties.
Not to mention, if a seller intentionally misrepresented the property to mislead a buyer, the seller could be prosecuted on the account of fraudulent misrepresentation. Ultimately, it’s not worth taking anything other than an honest approach when selling your property.
What has to be declared when selling a house?
When selling a property, the seller will need to fill out a Property Information Form (more formally referred to as a TA6 or TA7). This crucial form is often sent to the seller’s solicitor from the buyer’s solicitor and uses categories to identify the different areas of property information that must be shared.
Below, we identify each one of these categories, so you know what to expect when you put your home or investment property on the market.
For support filling out this form, or to find out more about the type and extent of property information you need to provide for prospective buyers, please feel free to get in touch with the knowledgeable team at Mistoria Estate Agents.
Here to help your every step of the way, we put you first.
- Property boundary information and features
- Informal and formal shared area arrangements with neighbours
- Any property changes such as extensions (planning permission and building control completion certificates)
- Property guarantees and warranties
- Any neighbourly disputes or complaints
- Property occupier information
- Environmental issues
- Building insurance details
- Any structural issues and concerns
- Nearby development and construction proposals
- Any known neighbourhood burglaries
- Council tax
- Connection to utilities and other services
- Electricity, central heating, drainage and sewage services
Considering selling your estate?
Keen to streamline your property portfolio or list your home? With many homeowners as well as buy-to-let investors currently searching for ways to sell, downsize their property portfolios, or refresh their investment strategies, having an experienced and knowledgeable estate agent on hand always helps.
Luckily, the friendly and efficient team of property professionals at Mistoria Estate Agents today is eager to assist!
Able to call on decades of invaluable experience managing, listing and marketing a wide range of properties, we make the potentially complicated and stressful process of selling your home or rental an effortless endeavour.
To get in touch to discuss your options or find out more about the way we work, please don’t hesitate to give our head office a call on 0800 500 3015 or send us your enquiry in an email to firstname.lastname@example.org.
Alternatively, you can also visit our convenient online contact page that holds all the information and contact details you could need to reach out to our Salford, Liverpool, Bolton and Cheadle offices.
Regardless of whether your home is Worsley-based or you’ve strategically built your HMO property portfolio in Manchester and the surrounding areas, Mistoria Estate Agents can help.