Noisy neighbours could cost you thousands

September 1, 2016 by Brendan O'Neill

Property Market

If you have had a dispute with your neighbours, or there’s anti-social behaviour in the area, you may have to reduce the price of your home, according to a report by Churchill.

According to the study, fewer than half of estate agents ask sellers about information which may affect a buyer’s decision to purchase a property, like noisy neighbours. The Consumer Protection from Unfair Trading regulations require an estate agent and owner of a property to reveal any issues which may impact on the new owner. However, Churchill discovered that less than 40% of estate agents asked about issues which may need to be disclosed.

When an issue comes to light, owners had to reduce the asking price by an average of £6,400 in Scotland and £7,000 in England and Wales. The study also revealed that just 20% of estate agents ask if sellers have had any issues with the local council, and only 15% would give this information to a prospective buyer.

Martin Scott, the head of home insurance for Churchill, said that a buyer should ask an estate agent to disclose all relevant information about the seller, neighbours and the property. If an estate agent withholds information, they are liable to be fined up to £5,000 or may face a prison sentence of two years.

The managing director of the National Association of Estate Agents, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Hayward, advises using a reputable estate agent to avoid problems. However, a mortgage adviser, who has studied on a CeMAP course will also be able to help.