Advise when buying a property

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    Advise when buying a property

    Hi,

    We have made an offer to a property in London and we are waiting for the mortgage to come through. However, offer has been accepted and process started. We heard the flat has some leakages so we are asking access to view the property with a plumber so he can tell the work that is needed. Would I be entitled to negotiation if substantial work is needed? We haven't exchanged contracts yet.

    Also, any advise against fraud? I am not sure it can even happen given that both parties are using solicitors. What could go wrong and how would it be resolved? I wouldn't want to end up owing a mortgage and no home.

    Cheers,

    Alejandro

    #2
    Is the leak from the flat above? In which case, that would be access to someone else's property. You don't have a right of entry. Or is it a leak from the roof, in which case, it is a shared building costs (so all the neighbours needs to pay for repairs).

    If it is a water pipe leak, it may be a claim on the insurance, but sometimes people don't claim as the damage may not be so much....

    You could negotiate for the repair cost / annoyance... but the buyer may sell to someone else, if you are being unfair. Also factor in if the property is being sold cheaply for a quick sale or are you paying good price....

    Not much chance of fraud.




    Comment


      #3
      Don't commit to anything until you have a proper evaluation of "leakages".
      You can negotiate at any point up to exchange of contracts - after that is possible but can be costly.

      As for fraud, yes, don't use email to do anything involving money.
      Ideally your solicitor will be small and local or have a web site on which everything can be done online.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        Thank you both.

        It is a water pipe leak for one of the bathrooms. We have learned by our own means that the flat has got no running water as it has been cut off by building management as there were leaks not being fixed affecting the flats below.

        Another thing is that we feel that there have been changes to the original layout and we wouldn't want any surprises when trying to renew the lease (85 years left).

        We have asked our solicitor to look into the leaks situation and the blue print + existing layout.

        The price they paid for the property in 2015 is higher than the price we offered and been accepted. Our accepted offer is for 15% less than what they paid 4 years ago.

        Comment


          #5
          If you haven't already done so then a building survey by a Chartered Surveyor needs to be done, not only for the condition of your flat but also for the condition of the building that it is in.
          Oh, and read and understand the landlord's and your obligations in the flat's lease.

          Comment


            #6
            To guard against fraud, be suspicious of receiving an email from your conveyancing law firm asking you to transfer the money to another bank account just one or two days before completion date.

            Comment

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