Buyer Beware applies to YOU as the purchaser and means the property is sold “as is” or subject to all defects. Conveyancers often refer to this as caveat emptor.
It is vital that YOU carry out searches, inspections, and survey to ensure that you are aware of any physical defects. From completion you will take the property subject to these.
The Seller must not misrepresent the position. However, they are NOT required to check things for you, and ONLY have to answer questions you ask. it is best to obtain statements in writing as verbal statements are harder to evidence if a dispute arises.
If you don’t ask, don't obtain searches, survey or carry out a final inspection, then on your head be it. The seller is NOT required to volunteer information or help you.
Bear in mind that your Conveyancer does NOT visit the property or concern themselves with its physical condition or defects. You have a survey for that purpose.
Your Conveyancer is looking at legal or title issues. Things that affect property value and resale. They will raise enquiries of the seller's solicitor but cannot offer any guarantee that the responses recrived are correct. Your conveyancer can only report to you that which has been stated to them. You must check things with an expert. Obtain expert reports or get a builder out. Get the gas and electrics checked by a professional and so on.
Alterations & Surveys
Your Conveyancer needs you to inform them about any alterations and you need to arrange a survey. Your Conveyancer cannot arrange the survey for you The Estate Agent will assist with access to the property. You should NOT rely on a lender valuation which is not adequate. They are not detailed enough and they are for the lender’s sole benefit. NB: Get the best and most detailed survey you can afford. It will pay dividends in the long run.
Searches & Surveys are NOT the Same
Your conveyancer obtains your searches and sends you a report on what is recorded on local authority registers. This is your local search. Road adoption is also reported to you. Other searches are drainage & water, which cover connection to water mains and sewers, and your environmental search. It is important that your environmental search does not fail. That could indicate contaminated land. Where land is contaminated it is the land owners responsibility to remedy and NOT the party which caused it. As a buyer and the new owner you do not want to end up responsible for remediation costs.
Anything that is not working once you complete falls to you. The seller is not obliged to do anything after completion. Any defects or legal title issues will be for the buyer to resolve and pay for.
Be thorough. Do not leave yourself open to buyer's remorse.
Japanese Knotweed As An Example
If you discover Japanese Knotweed on your property, before you can sell or remortgage, you will need to start a treatment plan. Japanese Knotweed on or within 3 metres of your boundary is of concern to a mortgage lender.
If your property is infested, or there is knotweed in proximity, a lender will not offer a mortgage on the property and a buyer or lender will not be able to proceed.
It is vital the treatment plan is well progressed and all knotweed removed. Knotweed is virulent, spreads rapidly and causes physical damage to properties. Knotweed on a neighbouring property is also likely to cause you issues. Lenders do not like anything that affects property value and their security.
Only a professional company can carry out remediation and provide a suitable treatment plan. Sellers have been sued and ordered to pay compensation for misleading buyers about knotweed within property boundaries.
Bamboo and giant hogweed will be the next big issue.
Read more about Japanese Knotweed here…
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