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Estate Agents didnt advise me of problem

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  • Estate Agents didnt advise me of problem

    I have just found a property and after viewing I submitted an offer. the estate agents then advised me that a counter offer had been made and so I increased mine by £5000 as I really wanted the house. Since then it has been brought to my attention that the house (and in fact the whole street) is built over a disused railway tunnel and about 2 years ago part of it collapsed causing the whole street to be evacuated and all of the residents had to leave right there and then without their belongings. Apparently they were only allowed back to their properties recently. If I had known about this I probably would not have submitted an offer at all and I certainly wouldnt have paid out for a full structural survey. Of course the estate agents tell me that they were unaware of the tunnel collapse and yet everyone I speak to tells me that it was a huge news story at the time in Liverpool. I have two questions:

    1. Shouldnt the estate agents have found this out in their 'due diligence' not only of that particular property but of the area in general - which is considered now a 'problem area' and if I wasnt a cash buyer I would probably have a had an issue with obtaining a mortgage on this property
    2. Is the vendor not obliged to advise the estate agents as well as any potential buyers of this situation?

    Any advice gratefully received.

  • #2
    Re: Estate Agents didnt advise me of problem

    As an agent I have come across issues myself that I have not been made aware of that really people should know.

    From my experience it is better to be more open about any issues as I find I build a better relationship with my buyers and also we are more likely to have a sale which completes.

    I believe legally if you ask about any specific issues then the agent has to be open and honest but the agent does not have to explain every potential issue unless questioned.

    I think the owner was fully aware in this situation and I can definitely understand your frustration.

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    • #3
      Re: Estate Agents didnt advise me of problem

      Hi, Wow must have been a bitter disappointment for you. Hope you got it sorted. As an estate agent if we are aware of serious issues we must relay to purchasers. If they are new to the area or maybe an area they do not deal with often they may not have know. However the seller must disclose this to you through the solicitor and your solicitor will probably do a search on the property and see the issue or your surveyor will pick up the issue. Not ideal when you have spent out money but saves you fortunes in the long run. Some solicitors have a built in insurance policy that refunds you survey fees etc if property is down valued by over 10% - Hope this helps!
      Jacks and Jones Estate Agents
      http://www.jacksandjones.co.uk

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