PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Buying a new home?
Caveat_Emptor_1066
Posts: 1 Newbie
Points to cautious of......
I have just wasted many thousands of pounds wrestling with issues that were identified during the buying process!
I was looking to buy a "new house" in post code BH24 3LD, ( look it up on Rightmove, £950k! ) that the agent advertised as "re-built" they also stated that it was 3300sq/ft. None of this is true. The house was a refurbished 1960 bungalow which had been extended upwards and outwards! The agents proudly announced that the remainder of the NHBC Warranty was available (2 years) and everything had been renewed. Again not true! This was clearly a misrepresentation.
In the front garden stand two significant 2m high retaining walls (30m long) that were constructed as part of the "re-build". The vendor supplied photographs of the walls during construction and it was noticed that the walls were only 225mm thick blockwork. Structural engineers have confirmed that these walls will fail in time. (sooner rather than later as I understand it )
The vendor would not budge on the price to reflect the cost of repairs, so without notice the agent remarketed the property despite the fees that I had incurred.
This abortive purchase has cost me some £2.5k and the agents just don't care. They are actively remarketing and have continued with there misrepresentations. They will not tell any prospective purchasers of the defective retaining walls and do not even consider the wider health and safety issues. Al that matters is that sale!
So if you're buying a new home my advice is get a professional survey, dig deep and get as much information as you can. Never accept any statements from the seller, their solicitor, and definitely not their estate agents.
Buy new and you can't go wrong.
I have just wasted many thousands of pounds wrestling with issues that were identified during the buying process!
I was looking to buy a "new house" in post code BH24 3LD, ( look it up on Rightmove, £950k! ) that the agent advertised as "re-built" they also stated that it was 3300sq/ft. None of this is true. The house was a refurbished 1960 bungalow which had been extended upwards and outwards! The agents proudly announced that the remainder of the NHBC Warranty was available (2 years) and everything had been renewed. Again not true! This was clearly a misrepresentation.
In the front garden stand two significant 2m high retaining walls (30m long) that were constructed as part of the "re-build". The vendor supplied photographs of the walls during construction and it was noticed that the walls were only 225mm thick blockwork. Structural engineers have confirmed that these walls will fail in time. (sooner rather than later as I understand it )
The vendor would not budge on the price to reflect the cost of repairs, so without notice the agent remarketed the property despite the fees that I had incurred.
This abortive purchase has cost me some £2.5k and the agents just don't care. They are actively remarketing and have continued with there misrepresentations. They will not tell any prospective purchasers of the defective retaining walls and do not even consider the wider health and safety issues. Al that matters is that sale!
So if you're buying a new home my advice is get a professional survey, dig deep and get as much information as you can. Never accept any statements from the seller, their solicitor, and definitely not their estate agents.
Buy new and you can't go wrong.
0
Comments
-
Ive moved this to the relevant forum for you
thanks
Zip
Hi, we move threads if we think they’ll get more help elsewhere (please read the forum rule) so this post/thread has been moved to another board. If you have any questions about this policy please email [EMAIL="forumteam@moneysavingexpert.com"]forumteam@moneysavingexpert.com[/EMAIL].A little nonsense now and then is relished by the wisest men :cool:
Norn Iron club member #3800 -
Measuring the house on a Gross External Area basis, it probably would be about 3,300 sq ft.
It has clearly been extensively remodelled and rebuilt or else the photos of another property, although there may be some original walls still in situ.
£2.5K is not "many thousands".If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, 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
-
Cheap way to advertise a (albeit gorgeous) house :cool2:. I bet the EA will love the hits they get on this property on RM!"Cheap", "Fast", "Right" -- pick two.0
-
Not that serious a problem, easily fixed by any purchaser, up to the vendor whether he'll shift on price. If you don't want it, no reason why the agent shouldn't remarket. It's not up to them to reimburse your fees, I'm afraid. I suspect it will sell reasonably quickly.
I certainly don't see anything that's misrepresentation, nor anything that's really a HSE issue.0 -
A property which has been vacated to allow considerable renovation or conversion is certainly treated as a "newbuild" by mortgage lenders.
Here's Halifax criteria;-An initial occupancy/new build property is classed as any property being occupied and/or sold for the first time on the open market in its current state and includes newly converted properties. These will fall into one of the following categories:
Newly built property.
Refurbished property i.e. refurbishment of an existing residential property, typically a re-furbished property will be considered as initial occupancy where the vendor is a builder/developer and the property has been vacated to allow for the refurbishment to be undertaken.
Newly converted property i.e. conversion of an existing non residential property, e.g. an existing mill converted into flats.
All lending decisions are based on valuation or purchase price (whichever is lower).
A property, either new or converted (as above), that has been tenanted through a 'try before you buy' or 'rent before you buy' scheme and is now offered for sale by the builder/developer.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Categories
- All Categories
- 346.7K Banking & Borrowing
- 251.4K Reduce Debt & Boost Income
- 451.4K Spending & Discounts
- 238.9K Work, Benefits & Business
- 614.4K Mortgages, Homes & Bills
- 174.8K Life & Family
- 252.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards