You may remember the phrase ‘buyer beware’ when selling your house. What does it mean and is this still true today?

It is vital to give the correct information when selling your property and to receive the best advice on any issues.

What information should I give potential buyers?

You must first disclose any latent defects in the title that you know about. The buyer cannot discover a ‘latent defect’ by inspecting the house. You may have a drainage right or restrictions on the use of your house.

Second, the Consumer Protection from Unfair Trading Regulations of 2008 placed anyone acting as a company under certain obligations. This includes not withholding any information that the buyer might need to make a decision. The regulations do not apply to you as a person, but to your solicitor and estate agent. They also cover any statements made on your behalf. For Conveyancing Solicitors Gloucester, visit Dee and Griffin

Early on, discuss any concerns with your solicitor and estate agent. It will allow them to provide you with the best advice, and help your transaction progress smoothly.

What information should I disclose if I sell my home?

While buyer-beware is still relevant, you may find that relying on it rigidly will not benefit your transaction. The majority of buyers will expect that you provide information on your property, and answering their solicitor’s questions is a standard part of the conveyancing procedure.

Your solicitor will have you fill out a standard form (the TA6), which covers topics like boundaries, insurance, and if you’ve had any disputes with your neighbours.

The form is not required to be completed or answered in full, however refusing to complete the form could raise suspicions, and delay or even compromise your sale.

What if I find something that might turn off buyers?

Early on, it is crucial to talk about any concerns you may have with your lawyer. Don’t be tempted by the temptation to tell half-truths or lie. You may be held liable for misrepresentation if you lie or tell a half-truth and your buyers rely upon it. In the worst case scenario, you could be liable for compensation if your buyers reject the contract. You can make a misrepresentation orally, in writing, or by doing something, like removing an item that was there when the buyer first viewed the house.

What can my lawyer do for me?

Speak to your lawyer if you have any concerns about a potential buyer. Your solicitor can give you advice on how to best proceed, so that you don’t expose yourself to unnecessary risks while also reassuring buyers.

Fortunately, the majority of property-related issues aren’t complicated. There will often be a simple solution. If there is a technical violation of building or planning regulations, for example, an insurance policy can usually be purchased to address any concerns.