Buyer had valuation survey carried out

Mortgage1975

Hi,
We are in the process of selling our house, and the buyer has only had a valuation survey carried out.

I have been told by someone that our buyer has six years from the date of completion to raise any issues that he finds? (consumer regulations or something)

Is this correct? Obviously if he had done a proper survey, this would have raised any issues at the time

The house we are moving into needs everything done, and thinking I may go back to my vendor and raising any issues after completion doesnt make sense to me. If this was the case then people wouldnt have proper surveys done, they would just go back to the seller after completion

Hope that makes sense

Many thanks

diystarter7

Hi OP

Google

"what is indemnity insurance when buying house"



Thanks

user1977

Mortgage1975 said:

I have been told by someone that our buyer has six years from the date of completion to raise any issues that he finds? (consumer regulations or something)

Is this correct?

No, it's complete nonsense. Please ignore any other advice this "someone" gives you (hopefully they're not a relevant professional!)

welly_59

house purchase is caveat emptor, unless you as the seller have deliberately mislead or lied

Mortgage1975

Great thank you - we were completely honest with our responses 
Would I need indemnity insurance as the seller, or as the buyer?

diystarter7

Hi
No worries
Often the seller buys but both can buy, seek solicitors advice
Good luck
Thnaks

user1977

Mortgage1975 said:

Great thank you - we were completely honest with our responses 
Would I need indemnity insurance as the seller, or as the buyer?

Nothing you have said suggests indemnity insurance is needed for your transaction. It only comes up if someone identifies a specific problem e.g. missing consents for past alterations.

babyblade41

I'm not sure you need any indemnity insurance, as stated above as long as your answers have been honest then there will be no come back after completion 

Mortgage1975

Thank you - my wife tells me I am overly worrying about the whole thing?
I am a very anxious person and the thought of someone coming to me for money becuase they didnt have a survey, is freaking me out slightly

theartfullodger

Are you (or your informant) perhaps referring to the statute of limitations (6 years).

If someone had a valid claim can't see why they shouldn't pursue it.  They might or might not win ....

diystarter7

Hi OP

We are all on the whole very honest but we have always taken out indemnity insurance and in the scheme of things its not a lot of money for a piece of mind. However, we are all different and I suggest you have a chat with dear solicitor come exchange of contracts or before.

We, well me worry a lot about anything and everything and take out insurance warranties on the TV's, white goods etc etc and cH etc etc - we dont want the items to go wrong but should they go wrong, its hopefully covered.

From memory its the solicitor sets it up saves us the hassle but I'm sure you could get it cheaper but ask the solicitor about it and then make a fully informed decision

Your choice, good luck.

Thanks