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Repossessed property - undisclosed known leak.
IsabelleS
Posts: 1 Newbie
Hello,
Wondering if I can get some advice.My husband and I recently completed on a repossessed property. We had a BICS report and no major issues were flagged but obviously utility checks couldn’t take place.The property had also been sat unoccupied for 12-16 months.
Once in and utilities connected we had no hot water and the water tank wasn’t filling properly. Called a plumber who said we will need to have several parts replaced due to “lack of care”. All, I appreciate, part of the risk when buying a repo. Costs are £1500 so far...
Problem is there is an actual leak and after meeting the neighbours, he said they had the leak when the last owners were in so were more than aware of it.
My question is that does the bank/Asset Management have an obligation to notify us of any issues they are aware of before purchase?
Many thanks in advance.
Wondering if I can get some advice.My husband and I recently completed on a repossessed property. We had a BICS report and no major issues were flagged but obviously utility checks couldn’t take place.The property had also been sat unoccupied for 12-16 months.
Once in and utilities connected we had no hot water and the water tank wasn’t filling properly. Called a plumber who said we will need to have several parts replaced due to “lack of care”. All, I appreciate, part of the risk when buying a repo. Costs are £1500 so far...
Problem is there is an actual leak and after meeting the neighbours, he said they had the leak when the last owners were in so were more than aware of it.
My question is that does the bank/Asset Management have an obligation to notify us of any issues they are aware of before purchase?
Many thanks in advance.
0
Comments
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No they don't. Not unless you asked 'are there any leaks' and they said 'no leaks'.0
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Even if asked, the likely reply would be that the services are turned-off and not available for inspection.No they don't. Not unless you asked 'are there any leaks' and they said 'no leaks'.
It's the bank's job to secure the property and sell it at the best price they can achieve, not to test services or keep detailed records of defects. They cannot be expected to reply to questions before contract like a home owner.
And that's why repos are usually cheap relative to their apparent condition.0 -
Just because the repossessed owners knew, does not mean the bank knew.
When repossession took place the bank would have immediately sent in a workman to change the locks, turn off the utilities, and drain the system. Unless the floor was under 2 inches of water and/or water pouring through the ceiling, they would not have known.
Maintenance thereafter might have consisted of a periodic 5 minute visit.0 -
Just because the repossessed owners knew, does not mean the bank knew.
When repossession took place the bank would have immediately sent in a workman to change the locks, turn off the utilities, and drain the system. Unless the floor was under 2 inches of water and/or water pouring through the ceiling, they would not have known.
Maintenance thereafter might have consisted of a periodic 5 minute visit.
Indeed. The idea that the owners would have taken time during their eviction to inform the repossessing bank of a leak is rather absurd on the face of it. Pretty sure they would have had other priorities.0 -
Buying property is always a bit risky: Buying a repo is even more so (I've bought one myself: Stuck my hand up at auction having only driven past it, never even went inside). No offence but if you didn't realise this then most people would be amazingly surprised.
Did you bother to pay for a full survey of the property before purchasing or were you just going for the "bargain" and hoping, understandably, to keep your expenditure down?0 -
A surveyor probably wouldn't turn the water on. After all, there would be signs everywhere saying "Do not use."theartfullodger wrote: »
Did you bother to pay for a full survey of the property before purchasing or were you just going for the "bargain" and hoping, understandably, to keep your expenditure down?
A plumbing and drainage surveyor might as part of a specialist survey.0 -
though to be fair to the OP a full survey would not have helped if the water was switched off.....theartfullodger wrote: »Buying property is always a bit risky: Buying a repo is even more so (I've bought one myself: Stuck my hand up at auction having only driven past it, never even went inside). No offence but if you didn't realise this then most people would be amazingly surprised.
Did you bother to pay for a full survey of the property before purchasing or were you just going for the "bargain" and hoping, understandably, to keep your expenditure down?
OP - you bought a repo.0 -
Called a plumber who said we will need to have several parts replaced due to “lack of care”. All, I appreciate, part of the risk when buying a repo. Costs are £1500 so far...
Problem is there is an actual leak and after meeting the neighbours, he said they had the leak when the last owners were in so were more than aware of it.
I know this isn't what you're asking, but just out of interest... what does the plumber mean by "lack of care"?
Most plumbing doesn't need an awful lot of care over its lifetime. What sort of leak was it that the neighbour was aware of? Something like a dripping overflow pipe perhaps?
Did you get a second opinion on the plumbing work required and cost?0 -
All part of buying a repo... you got a good deal (hopefully!) work through the problems and it'll come right...
Our repo had all the radiator values loosened so when we turned on the water..... splosh!!0
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