Withholding information about the object may be the agent 2 years in prison

Only 40% of real estate agencies are interested in people who offer for sale their property, that, if they had any problems with neighbors. Real estate agencies, namely, the remaining 60% ignoring the fact that the problems with bad neighbors can significantly reduce the potential of the property. Many real estate companies believe that it is solely the task of the lawyer of the buyer to check his future neighbors.

The most contentious issues between neighbours are issues of the public areas – 56% of agents have called this a matter between neighbors main. 10% – allocated to noise and boundaries of housing, many also noted the issues of Pets and anti-social behaviour of neighbours.

About 14% of real estate agencies recalled cases when the seller was forced to reduce the price of your property because of problems with neighbors. The average discount amounted to 3.8% , or £7000 in England and £6400 in Wales.

Buyers rely on attorneys in the process of buying property, believing that it is his duty to check future neighbors , as well as to uncover any future potential problems and disagreements between neighbors. However, the subjectivity of such things as loud music or allergic to the dog, can take time, but cause serious problems in the future.

Therefore, the buyer should ask the seller to disclose all information when purchasing your future home as early as possible.

UK law also upholds the right of the buyer to know about all the negative aspects associated with their future purchase. Withholding information that could significantly affect the buyer’s decision to become the future owner of the property, threatens the agent of the seller a fine of £5000 pounds or two years in prison. (The Property Misdescriptions Act 1991 (Repeal) Order 2013)

Buyers, in turn, should not be afraid to ask questions that will bring clarity in all circumstances which may affect their decision to carry out the transaction.

® Helen Entree. G. 06.11.2015