Help - Estate Agent mislead on a property purchse which has now cost us thousands of pounds losses

moneyistooshorttomention

csgohan4 wrote: »

Another thread why you should not hand notice until completion has passed

In fairness - it's usually okay to do so I would have thought.

The question is whether OP handed in their notice before Exchange had happened.

As far as I remember (as it was quite a few years ago now) I handed in my notice in rented accommodation at the time Exchange happened on my first house. So my (public sector) landlord would have had 4 weeks notice from me.

There was no problem with that.

Agreed it is wise not to hand in notice before Exchange though.

todayisagreatday

Having purchase a property adjacent to a canal (OK it's not a river and everyone will tell you canals don't flood) we were told I wasn't a food risk but did our own research. Although the EA said it wasn't we did find that it was a high risk of flooding due to surface water. That said we spoke to neighbours, did our own research (no evidence of flooding) and obtained building insurance quotes and spoke to insurers (our insurance was lower than we were paying in our previous property in a cul-de-sac). We then made our own informed choice.


Our 3 years of house hunting - never trust an EA and do your own research! Any property near or close to water/watercourse would have prompted me to do my own research. If the insurance company had given a ridiculous quote that would have been alarm bells alone - did you price up building insurance?

Flugelhorn

seen the canal near here flood - outlet that took excess from canal to a stream effectively reversed direction. Fortunately we live uphill of it.

OP hasn't reappeared - probably engrossed in the flood warning site

Davesnave

The OP would be well advised to re-post if their landlord is unsympathetic.

As they were unaware about research and due diligence in house buying, they may also not be sure of their exact position regarding potential eviction.

The good news is that there is no need to panic or to leave the property in two months from giving notice. They have at least double that amount of time before things would get 'difficult.'

teneighty

Savills are members of the Property Redress Scheme for ombudsman services.

You would need to go through their formal complaints procedure first and if that did not resolve the problem then go to PRS.

And of course there is always Trading Standards if you think they knew about about the Level 3 Flood Risk and deliberately did not disclose it.

AnotherJoe

moneyistooshorttomention wrote: »

In fairness - it's usually okay to do so I would have thought.
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Well, it is an it Isn't. .

Since approx 1/3 of house sales fall through before exchange , in the majority of cases you'd be OK, but OTOH its such a high chance of going wrong it would be foolish to give notice beforehand. This purchase could still have fallen through for many other reasons even if the flood risk was not there

Linton

Flood risk 3 isnt of itself a concern. We live in a flood risk 3 area. The last time our house location may have flooded was in 1947 when a lot of East Anglia was under water but the records are not that clear. House insurance is cheap, no different or possibly cheaper than when we lived at 300 foot.


Unless you found evidence that flooding was a serious risk you may have caused your own problems by panicking and undertaking insufficient research.

agrinnall

AnotherJoe wrote: »

Well, it is an it Isn't. .

Since approx 1/3 of house sales fall through before exchange , in the majority of cases you'd be OK, but OTOH its such a high chance of going wrong it would be foolish to give notice beforehand. This purchase could still have fallen through for many other reasons even if the flood risk was not there

You seem to have missed that the comment you quoted was in response to cshogan4's comment about not handing in notice until after completion.

csgohan4 wrote: »

Another thread why you should not hand notice until completion has passed

Had you looked at the sentence following the one you quoted you'd have seen that the post specifically asks whether notice was handed in after exchange, and goes on to make clear that it is not sensible to do so until then.

Margot123

AnotherJoe wrote: »

Well, it is an it Isn't. .

Since approx 1/3 of house sales fall through before exchange , in the majority of cases you'd be OK, but OTOH its such a high chance of going wrong it would be foolish to give notice beforehand. This purchase could still have fallen through for many other reasons even if the flood risk was not there

I can never understand why people risk the security of a permanent home for the sake of a month's rental overlap.

I'd see the rent paid as a kind of insurance against something going wrong. As you say 30% of transactions fall through. That is an average, some buyers will be affected to an even greater extent and have several purchases fail before completion.

AnotherJoe

agrinnall wrote: »

You seem to have missed that the comment you quoted was in response to cshogan4's comment about not handing in notice until after completion.
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Indeed i did, My Bad.