House buying - a cautionary tale.

~shoozy~

On one hand the home report idea is such a great idea but I've found that there are a lot that are economical with work required.
"slight upgrading" equated to every room (plus garden and driveway) needing completely refurbished in a house I viewed recently.

Hasbeen

Scottish home buyers report by snp law has to be provided and paid for by vendor. It is a basic report and not really worthwhile. Think they abandoned the idea elsewhere in the UK?? Buyers are recommended to pay and get their own survey done.

davidmcn

Hasbeen wrote: »

Scottish home buyers report by snp law

Think you mean "Labour/Lib Dem coalition law" considering it was introduced by the Housing (Scotland) Act 2006. Not aware of any parties with a policy to repeal it.

It is a basic report and not really worthwhile. Buyers are recommended to pay and get their own survey done.

I wouldn't say that was generally the case. I've found it useful to have any survey provided upfront (before you even decide to view a property), rather than have the English system where it can be weeks down the line before the buyer realises there are defects or valuation issues. It's certainly rare for buyers to do any more than get a mortgage valuation done if their lender insists.

dotchas

I am surprised/impressed that a BS valuation picked up hidden defects as they don't really offer a full survey, just a valuation.How did they find dry rot if it was hidden?

clarecooney

dotchas wrote: »

I am surprised/impressed that a BS valuation picked up hidden defects as they don't really offer a full survey, just a valuation.How did they find dry rot if it was hidden?

Good question - and I'm still hoping to get the transcript from the home report because our surveyor was himself pretty unimpressed that something so serious hadn't been noticed.
I'm trying not to slander anybody but when I spoke with him, he was deathly serious and really quite horrified by what he'd seen.
The front wall of the house was potentially unsound. And in some places where he ought to have been able to check the condition, the wall had been concealed by the owners by boxing things in with wood so you couldn't see the condition of the wall behind. He found the location of those works to be in themselves suspicious because they effectively made it impossible to see what you needed to without having to dismantle stuff.

Anyhow, if you want another cautionary tale - yesterday I got a call from the Estate Agents who are selling it. At first I thought they were phoning to ask me for more information about why we'd pulled out. Our solicitor had told them our reasons but not in massive detail.

BUT NO - the Estate Agent had got the file mixed up and obviously thought I was the next highest bidder from the closing date. She was phoning to let me know that it was back on the market because, she told me, "the buyer's finance fell through".

I couldn't believe what I was hearing. I told her how interesting it was that she was telling potential buyers that because did she realise, she had called the person who had been buying it and I knew for a fact that they knew that our reasons for pulling out were nothing to do with finance but to do with the condition of the property.

She laughed a stupid nervous laugh and got off the phone as fast as she could.

Absolute crooks the lot of them. Still, that gave me a damn good laugh and really hardened my resolve about having done the right thing.

csgohan4

can't say I am surprised, I pity the poor soul who doesn't apply due diligence

AdrianC

If the place sat roofless for years in Scotland, I'd have thought wet rot in structural timbers was more likely.

Either way, it just proves that the Scottish system is not necessarily better, and demonstrates exactly why relying on a vendor-provided condition assessment of any kind is simply dangerous.

martindow

Would it be worthwhile for Clare to write to the agent explaining why she has pulled out and the result of the survey? I believe that EAs are now obliged to disclose material faults which could help to protect future prospective buyers.

SG27

martindow wrote: »

Would it be worthwhile for Clare to write to the agent explaining why she has pulled out and the result of the survey? I believe that EAs are now obliged to disclose material faults which could help to protect future prospective buyers.

I doubt it. I can guess exaxtly where it would be filed

bluefukurou

csgohan4 wrote: »

can't say I am surprised, I pity the poor soul who doesn't apply due diligence

As someone looking to buy their first ever property in the near future, what exactly would you describe as due diligence?