Legalities of disclosing known faults

tristinh

Hiya,

I posted a couple of days ago regarding the surevy result of a property we are hoping to purchase. The vendor is refusing to reduce the purchase price to account for some of the cost a whole new roof (slate) will cost (essential in survey). The whole basis of their argument is that it wasn't mentioned on their surevey 5 years ago and that they are already making a loss on the property at the previously agreed price. I explained that, that wasn't our problem!!

To be fair, we are only asking them to meet us half way!

A few people have said that we should point out to the EA that they HAVE to disclose this major fault to potential purchasers if it were to go back on the market. Is this correct?

I am just thinking this would be a major negotiating line for us!

Grateful for any advice!

BitterAndTwisted

They don't have to disclose anything unless they are asked a direct question to which they know the answer.

That your prospective vendors are claiming that their own survey didn't show this up is asinine: either the fault has developed during their residence in the property or their Surveyor was carp. Possibly because they had a basic valuation survey done and not a sensible Homebuyers Report.

Reduce your offer by what the additional cost will be or walk. And tell them that you will.

satchmeister

tristinh wrote: »

Hiya,

I posted a couple of days ago regarding the surevy result of a property we are hoping to purchase. The vendor is refusing to reduce the purchase price to account for some of the cost a whole new roof (slate) will cost (essential in survey). The whole basis of their argument is that it wasn't mentioned on their surevey 5 years ago and that they are already making a loss on the property at the previously agreed price. I explained that, that wasn't our problem!!

To be fair, we are only asking them to meet us half way!

A few people have said that we should point out to the EA that they HAVE to disclose this major fault to potential purchasers if it were to go back on the market. Is this correct?

I am just thinking this would be a major negotiating line for us!

Grateful for any advice!

I do not believe they have to disclose a fault eg roof needs replacing but if asked 'does the roof need replacing?' they can't give false information but they may be able to say that in their opinion it does not need replacing. So for example I guess if you don't ask about subsidence and then find there is subsidence after you move in then tough. This is why you need a proper survey to uncover any problems and a solicitor to do searchs and ask question about restrictive covenants etc.

If in your case there is a problem with the roof then negotiate a settlement, if they seller will not negotiate then walk.

DVardysShadow

I don't think they do have to reveal this alleged fault to anyone - unless it is framed in unequivocal terms.

• "3 slates are missing" - verifiable fact, to be revealed if a direct question is asked.
• "Roof will need replacing in the next 3 years" - opinion, to be revealed if they share the opinion.

I think you are going somewhere very dodgy if you are going to use this tactic to try and knock down the price you pay. It is not your business to go around devaluing someone else's house so you can get a bargain. If the seller will not shift, you can make your choice to take it or leave it.

alanmilstein

If the roof needs replacing then you will need to factor this into your calculations of the purchase price.
Ultimately the house is worth what someone will pay for it. No more and no less.
If you think the value of the house is lower as a result of the defective roof then you have to decide if you are happy to accept that liability or not.
If not then it is up to the seller to decide if they are willing to bear some or all of the cost of the roof by reducing the agreed selling price.
The fact that the defective roof was not picked up when the current owners bought the place is irrelevant.
Get some quotes for the work then go and have a chat with the sellers. If you can't reach a compromise then you have the choice to walk away from the deal.

tristinh

DVardysShadow wrote: »

I think you are going somewhere very dodgy if you are going to use this tactic to try and knock down the price you pay. It is not your business to go around devaluing someone else's house so you can get a bargain. If the seller will not shift, you can make your choice to take it or leave it.

I was only trying to find out so I could set the scene when making my revised offer. Of course I want a bargain, but more importantly I want a fair price. Sorry if I came across differently!