Property Misrepresentation Claims: When Sellers Tell Lies
When you’re looking to buy a home, you want to ensure that the home you’re purchasing is the same one as advertised. There are various ways that a house seller can misrepresent the home they’re selling you, especially through price and pre-existing conditions. To make sure that you’re getting all that you pay for, here are some things that are commonly misrepresented by house sellers.
How Much Does Damp Devalue A House?
Damp is a big problem when you’re looking into buying a home, and it can be a huge issue to solve for a buyer. Property sellers must disclose any large structural problems with the home before selling, or else they risk legal action. You can legally sue if your seller did not disclose large structural problems. Depending on the severity, Damp can lower the value of sold property by anywhere from 10% to 50%.
How Much Does Subsidence Devalue A House?
Buying a house with minor subsidence can be tough, but what’s tougher is whether or not your seller told you about it beforehand. If the seller didn’t disclose subsidence, they’ve thwarted the law and you can take them to court over misrepresentation of the home. If they did, though, and you’re concerned that the home may have cost too much in light of this subsidence, get the house revalued. Subsidence, depending on the severity, can take up to 20% off the price of the home.
How Much Does A Sitting Tenant Devalue A House?
A sitting tenant- a renter- can devalue a property much more than you’d think. After all, either you or the seller needs to evict them for you to be able to live in your new home, and that’s a drawn-out process that needs to be taken exactly correctly or else you’ll get sued. A sitting tenant can devalue the seller’s property by up to 25%.
I Bought A House With Problems Not Disclosed in the UK!
What do you do if your seller conveniently forgets to inform you about things, or your seller lies about your neighbours? It’s simple! If your seller has lied to you, you’re legally able to sue them. If it’s on a property information form filled out before you completed your contracts, you’re doubly able to sue them! Property information forms force sellers to disclose a lot of information, like local burglaries, council taxes, and even some information about the neighbours’ mental health. If your seller isn’t transparent while selling a home, you probably have grounds to sue them.
Can You Withdraw an Offer on a House In The UK?
If you need to back out of your deal because of what the seller hasn’t disclosed, you can only do that in certain situations. If your seller finds you in breach of contract at any point, they can sue you and force you to purchase the home. If you haven’t already signed the contract, you’re free to go– but if you have, make sure to read through carefully to ensure you haven’t backed yourself into a corner. Realtors and solicitors can also help you in this process. Pulling out of a house sale doesn’t make you a bad person; instead, it makes you a financially wary person.
If Your Seller Has Misrepresented A Property
If your seller has misrepresented the property, you might be able to sue them. If they’re charging far too much, though, it’s one of your estate agents’ legal obligations to buyers to ensure that you get a fair price for your home. Even if the surveyor devalues the house later on in the process, you can still argue with the seller to get a better price. Look out for yourself, and don’t let a lying seller overcharge you for your home.