Hi All,
Looking for some advice as in the middle of a house sale (or trying to be anyway!)
We bought our house (originally built sometime around the 20's/30's) nearly 8 years ago already extended with a large section across the back of the house giving us an extra living room and dining room, and a smaller section across the side extending the kitchen out. My understanding is the extensions were carried out long before we bought the place (around 10 years so nearly 18 in total.) A large number of the houses in our area are extended in a similar manner as the original houses were quite small with decent size plots.
When we bought, our homebuyers report raised a potential issue with the side extension in that it appeared to be only a single leaf of brick with cladding outside. On investigation we were informed the side extension is actually timber frame and then insulation sandwiched between marine-ply or similar. Our solicitor advised there was an indemnity policy in place for an aspect of the work. There were no major concerns raised to us so we bought the house and have been here since with no problems.
Now, we have it for sale and had an offer agreed but our buyer has just pulled out after getting their survey and under their solicitors advice. The buyer only had a valuation report for their mortgage but apparently it mentioned the single leaf brick extension as being an issue.
I'm not sure what to do now. As far as I'm concerned, the survey is incorrect based on the surveyor's assumptions as to the build method, which has triggered a harsh reaction from our buyers solicitor and subsequently the buyer. It's a shame they didn't want to at least discuss the potential issue but hey-ho.
What I am trying to understand is if this is going to turn into a massive problem with any prospective buyer?
If so, why wasn't it a problem for us when we bought? (Is it something that could differ depending on the solicitor, buyer, etc?)
Is there anything we could/should do?
Any help/suggestions/advice would be most welcome as its really put a massive damper on our Xmas with our buyer pulling out just now.
Thanks.
Looking for some advice as in the middle of a house sale (or trying to be anyway!)
We bought our house (originally built sometime around the 20's/30's) nearly 8 years ago already extended with a large section across the back of the house giving us an extra living room and dining room, and a smaller section across the side extending the kitchen out. My understanding is the extensions were carried out long before we bought the place (around 10 years so nearly 18 in total.) A large number of the houses in our area are extended in a similar manner as the original houses were quite small with decent size plots.
When we bought, our homebuyers report raised a potential issue with the side extension in that it appeared to be only a single leaf of brick with cladding outside. On investigation we were informed the side extension is actually timber frame and then insulation sandwiched between marine-ply or similar. Our solicitor advised there was an indemnity policy in place for an aspect of the work. There were no major concerns raised to us so we bought the house and have been here since with no problems.
Now, we have it for sale and had an offer agreed but our buyer has just pulled out after getting their survey and under their solicitors advice. The buyer only had a valuation report for their mortgage but apparently it mentioned the single leaf brick extension as being an issue.
I'm not sure what to do now. As far as I'm concerned, the survey is incorrect based on the surveyor's assumptions as to the build method, which has triggered a harsh reaction from our buyers solicitor and subsequently the buyer. It's a shame they didn't want to at least discuss the potential issue but hey-ho.
What I am trying to understand is if this is going to turn into a massive problem with any prospective buyer?
If so, why wasn't it a problem for us when we bought? (Is it something that could differ depending on the solicitor, buyer, etc?)
Is there anything we could/should do?
Any help/suggestions/advice would be most welcome as its really put a massive damper on our Xmas with our buyer pulling out just now.
Thanks.