Exchanged contracts, discovered seller not been tranparent
Discussion
For the risk of it being approved at a future date I'd back out now regardless. What way would the trucks drive and if they got lost, noise, smell (if any), rumbling vehicles, disruption and forever worrying about resale time. We are fighting something locally and it's a feeling of 'already done deal'.
dogz said:
Telling the lender they have over valued the property due to a potential site could result in your mortgage offering being pulled
You are then left needing to buy a house for £400k with no way of financing it
I personally would not do this
Or they say it's now dropped a loan to value bracket so they will increase your rate, or they will apply a retention, or they will charge you for another valuation...You are then left needing to buy a house for £400k with no way of financing it
I personally would not do this
Sa Calobra said:
For the risk of it being approved at a future date I'd back out now regardless. What way would the trucks drive and if they got lost, noise, smell (if any), rumbling vehicles, disruption and forever worrying about resale time. We are fighting something locally and it's a feeling of 'already done deal'.
Some people are so full of Pessimism I don't know how they get out of bed in the morning Muncher said:
Or they say it's now dropped a loan to value bracket so they will increase your rate, or they will apply a retention, or they will charge you for another valuation...
Urgh. More importantly, I think there's no way the lender could magically rescind a contract to which they're not a party. Having your finance withdrawn would make no difference to the contract that's already in place.SantaBarbara said:
Very much hope that you disregard most of the bad advice that some of the Forum barrack room Lawyers have come up with their Smart Arsenal advice
I really do not know what to make of you SB. On some threads you offer useful advice, on others, like this one, your input is comical in its naivety and wrongness.KevinCamaroSS said:
I really do not know what to make of you SB. On some threads you offer useful advice, on others, like this one, your input is comical in its naivety and wrongness.
No on this thread I have offered much better advice than thos people who do not know anything about Planning AppealsSantaBarbara said:
No on this thread I have offered much better advice than thos people who do not know anything about Planning Appeals
I know that councils are pretty risk-averse about refusing planning, because of the costs and likelihoods of appeals. So they're likely to be confident of winning. However, applications like this also seem to keep coming back, subtly modified, until the council feel they can no longer refuse.
But you're focussing on the appeal rather than the purchase. If the appeal happened after completion (moved in, stamp duty paid, etc. etc.) then your advice is pretty good. If OP had found out before exchange, they'd have opportunity to back out, renegotiate, whatever.
But between exchange and completion, with evidence of knowing omissions on the seller's part, now IS the time to explore options by getting some good professional advice.
Appreciate the replies from all angles, it has provoked some interesting discussion at least!
I paid the EA a visit today, and it *appears* as though they were completely unaware, so for now we'll remove them from the equation.
Our solicitor has advised an amendment to the contract is the best way to go, as per option 2 in my initial post. We feel we have a fairly strong position: evidence points to the fact seller was aware 4-6 weeks before exchange but did not disclose this information, in contravention of the TA6 form:
My guess is they will probably reject this proposal, although I do feel it's pretty reasonable. Since we're only going to be in the house for 2-3 years due to work, we could be looking at a potential £40k downside simply because of the action the sellers have taken here. Yes, I know housing markets go up and down, but that affects the whole market not one particular property.
Anyway, if that doesn't fly we'll have a decision to make based on potential upside/downside of pulling out the contract. There is the option to claim damages up to 6 years later, I found out today, which is obviously the less risky option.
I will stop posting updates herewith but I will be back with the outcome in due course!
I paid the EA a visit today, and it *appears* as though they were completely unaware, so for now we'll remove them from the equation.
Our solicitor has advised an amendment to the contract is the best way to go, as per option 2 in my initial post. We feel we have a fairly strong position: evidence points to the fact seller was aware 4-6 weeks before exchange but did not disclose this information, in contravention of the TA6 form:
TA6 said:
It is very important that the answers are accurate. If you give incorrect or incomplete
information to the buyer (on the Property Information Form (TA6) in writing or in
conversation, whether through your estate agent or solicitor or directly to the buyer), the
buyer may be able to make a claim for compensation or refuse to complete the purchase.
If you later become aware of any information which would alter any replies you have given,
you must inform your solicitor immediately. This is as important as giving the right answers
in the first place.
We would of course accept a independent valuation on the house if the appeal goes through, to assess any financial damage. It may be less than estimated - great! In which case we're happy just to take the difference. We can move if the new waste site is terrible without the loss. And if it doesn't go through, we're happy to pay full agreed price. This will be the proposal we'll put to them.information to the buyer (on the Property Information Form (TA6) in writing or in
conversation, whether through your estate agent or solicitor or directly to the buyer), the
buyer may be able to make a claim for compensation or refuse to complete the purchase.
If you later become aware of any information which would alter any replies you have given,
you must inform your solicitor immediately. This is as important as giving the right answers
in the first place.
My guess is they will probably reject this proposal, although I do feel it's pretty reasonable. Since we're only going to be in the house for 2-3 years due to work, we could be looking at a potential £40k downside simply because of the action the sellers have taken here. Yes, I know housing markets go up and down, but that affects the whole market not one particular property.
Anyway, if that doesn't fly we'll have a decision to make based on potential upside/downside of pulling out the contract. There is the option to claim damages up to 6 years later, I found out today, which is obviously the less risky option.
I will stop posting updates herewith but I will be back with the outcome in due course!
Edited by gfgdfgergq on Monday 25th September 18:28
silentbrown said:
I know that councils are pretty risk-averse about refusing planning, because of the costs and likelihoods of appeals. So they're likely to be confident of winning.
At this stage the planning appeal is nothing to do with the council, it's with the planning inspectorate who approximately 40% of the time overrule the local council.Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff