Would this put you off if you were a FTB?

Hermoine

After my first buyer dropped out (on the day of exchange) I was lucky enough to get a new buyer within 2 weeks - a first time buyer with mortgage in place, and they have had a draft contract and their survey has just been done. However, I have now been advised by the owner of the upstairs flat who is also the freeholder (2 flats in total - victorian terrace conversion), that he is planning a loft conversion as soon as possible. He has served me notice in accordance with the Party Wall Act, which means I can consent, or dissent, which basically means bring in a surveyor (either my own or his) to assess the work and agree damages in case it all goes wrong). I'm very aware that I can't actually stop the conversion. My solicitor has advised me that the details have to be forwarded to my buyer to see what their view is, and so they are aware of the works. The positive side of this work being done is that the roof is not in a great state, and it will have to be repaired or replaced by the loft extension as part of this (at no cost to the buyer), but it will involve scaffolding around the flat for several months, and (of course) the possibility of the flat being damaged in some way through the process. If you were an inexperienced buyer would this deter you from going ahead with the sale or would you hang on in there?? I am very keen to go ahead with the sale with some speed, as my sellers are losing patience, as are their sellers, so advising the buyer to wait until the work is completed before proceeding is not an option.

ACG

It would depend on how long the expected work would take. I wouldnt want my summer being ruined by works being done, but if were talking a couple of weeks then no it wouldnt bother me...i could even be cheeky and ask them to give me a hand unpacking

JayZed

You clearly have an obligation to inform your buyer of this in any case. Would it put me off? Like the previous poster, I'd be annoyed about the scaffolding/work going on through the summer, but I doubt that it would stop me buying the property.

If I understand correctly, the person upstairs owns the freehold for the whole property, so presumably has buildings insurance in place covering the property - i.e. the buyer won't need to take out buildings insurance?

hazyjo

The benefit would outweigh the inconvenience, I think. So long as reputable contractors were used and all building regs/permissions obtained!

Saying that, I would probably try and knock something off the price for the inconvenience if scaffolding was still up when I moved in. They might have to let their insurers know too (do you need to advise yours when works start?)

Speak with your solicitor about concerns the buyer's solicitor might be putting to them.

Jx

Hermoine

It will take between 2 and 3 months, but, due to the design of the property (I have a one floor extension at the back) the scaffolding can't extend over the terrace and back garden, so my buyer's enjoyment of the garden shouldn't be affected. The freeholder and/or his contractor will take out relevent insurances, and he says that there will be requirements about sensible hours of working etc. If I get my own surveyor involved at the beginning I can also provide the buyer with reassurance that we have checked all of this.