The BBC recently reported a story similar to what others may have experienced when buying property. Giulia Trovato bought a new build flat in 2007 and was excited to get moved into her brand new home.
It was part of a Government shared ownership scheme that aims to help people onto the property ladder. It enabled the homeowner to purchase a 45% share of the 3 bed flat in East London. The remaining 55% was rented from the local housing association.
Black Mould & Damp
After about a year black mould and damp started to appear and the basement was flooded with waste water. The landlord (L&Q housing) arranged for repairs which took around 6 months to complete.
When the homeowner was moved back in she was presented with a £20,000 repair bill from L&Q. It was only then that she realised she was liable for the entire repair bill even though she only owned 45% of the property.
Shared Owners Liable for 100% Repair Bills
Shared owners are usually liable for 100% of repair costs even though they may own anything from 25% of their property. It is reported that the Government are currently looking at shared ownership repairs issues. New proposals suggest that housing associations could be liable for repair bills for the first 10 years for any new shared owners.
Getting A Building Survey Before You Exchange Contracts
It is highly recommended to get a building survey before you sign any contract. We can provide fully qualified property surveyors for building surveys here across Northern Ireland. We have offices in Belfast and Coleraine so can get to you quickly.
If you would like to know more about our comprehensive building surveys and what it covers click here.
We check everything required to protect your pocket. We will produce an easy to understand report on the buildings condition which you can use to your advantage.
Contact us today to book a property survey in Northern Ireland. Or call Philip on 07702 332 333.