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selling a house whilst build in progress
tgreen_2
Posts: 15 Forumite
Hi everyone, An extension was started but not yet completed on my house. All planning/building regs in place. Inspections have been carried out on some areas of the build and passed, however since the last inspection more work has been carried out and I now have the house up for sale. I am aware that a steel lintel and and tiles on the roof will need inspected. I was unsure whether the onus was on myself to have this done so I contacted the council and spoke to the planning department, he advised if you state to the potential buyers that it is not completed then that should be okay, i plan to advise all potential buyers of work done to date, what has been inspected and what needs to be inspected prior to completion. Feeling satisfied with my advice the gentleman at the council he proceeded to suggest I could seek more advice from a solicitor, ???hence Im am in a bit of a quandry , can anyone please give me any advice regarding this - many thanks and much appreciated. (Apologies for the long post.......
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Comments
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Why are you selling before completion?
Any buyer will suspect that you have encountered a problem with the building work and so want to sell quickly. I would complete the work first, then sell.
As far as the council goes, I would not investigate further in case a buyer wants to take an indemnity policy. For the moment you can tell buyers that all inspections have been carried out in line with guidelines but final sign off hasn't been obtained as the work is not complete.
Depending on your buyer's likely mortgage loan-to-value, an incomplete extension may make securing a mortgage difficult.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thankyou for your advice, unforseen circumstances to sell - there are no problems with the house or the building work completed.0
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As you have followed the rules to now, I wouldn't make a deal of it with buyers - it could make them nervous.
I do worry that anyone viewing will suss that you need to sell (or you would have completed the work yourself) and could offer low to take advantage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Many thanx for your reply, Im taking into account the work that is required to complete the build, I am therefore not selling the property at full market value , the price will reflect the work that is required. Do you think information to the potential buyer eg. brickwork inspected and passed etc etc, and any futher work will need to be inspected before completion would put them off or do you think they would value the information to bring them up to speed with the stages of the build?0
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Personally I would keep quiet until asked. Spouting info before someone has expressed an interest could look dodgy. Let someone like the property and on the second viewing you could offer a sheet of paper listing the various work stages that have been inspected. If you make it into an issue it becomes one.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Thankyou for your advice.0
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