Buyer had valuation survey carried out

Grumpy_chap

Mortgage1975 said:

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

Why would you need indemnity insurance?

diystarter7

Hi OP
Like I said, when selling speaking with your solictor often at exchange of contracts and decide

Good article IMO that may help you decide along with solicitor chat.  We have always taken it out for peice of mind but I do worry a lot.

https://www.unbiased.co.uk/discover/mortgages-property/ownership-improvements/indemnity-insurance-when-buying-or-selling-property


Thnaks and good luck with the buy and sell

MobileSaver

Mortgage1975 said:

we were completely honest with our responses

theartfullodger said:

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

That's unnecessary scaremongering; if a seller has been completely honest with their responses then the chances of a valid claim are practically zero and the chances of the buyer winning even smaller...

Section62

Grumpy_chap said:

Mortgage1975 said:

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

Why would you need indemnity insurance?

Because bad/misleading advice in this thread suggested it.

In case there is any lingering doubt, indemnity insurance (for the vendor) isn't a suitable approach to deal with a situation where the buyer opts not to have a profesional survey carried out, appropriate to the type of property and circumstances.

Mortgage1975

Thanks - so if the buyer opts not to have a survey done, then basically its on them? Unless it was answered innacurately on the TA6 form of course (which it wasnt)

macman

It doesn't matter even if the house is a complete ruin and crumbles to dust the day after completion. All you have to do as a seller is answer any questions truthfully (both verbally and in writing on the SPIF) and not misrepresent it's condition.
You are not obliged to reveal any defects that you know about, subject to the above. Nor are you liable for any unknown defects.
If the buyer chooses not to have a survey then that is their decision and their risk.
Anyone telling you otherwise is talking nonsense.
NB:: if you are in Scotland, the law is different and you can ignore my comments.

MobileSaver

Mortgage1975 said:

Thanks - so if the buyer opts not to have a survey done, then basically its on them?

Yes, whether the buyer had a survey or not there is no comeback on the seller if all questions were answered genuinely and honestly.

user1977

Whether or not the buyer has a survey makes no difference to your liabilities. As above, there's little you need to worry about other than not giving misleading answers to specific questions.

user1977

macman said:

NB:: if you are in Scotland, the law is different and you can ignore my comments.

The law is different but the end result is much the same. Sellers aren't required to do more than not fib in answer to enquiries. There are some very limited warranties in the standard contract about e.g. plumbing being in working order at completion, but no general promise that everything is fine.

Section62

Mortgage1975 said:

Thanks - so if the buyer opts not to have a survey done, then basically its on them? Unless it was answered innacurately on the TA6 form of course (which it wasnt)

It isn't even a case of "unless".  The two things are separate.  The responses you've given the buyer remain accurate/inaccurate regardless of what survey (if any) the buyer opts to have.

The purpose of the survey (among other things) is to identify what the buyer should ask you about.  If they don't want to pay for professional advice on what questions to ask, you have no legal liability to provide such advice in lieu.