Property Misrepresentation Claims
Almost everyone is familiar with the idea that buying a new home is one of the most stressful things that we do in life. For most of us it will be the most expensive financial transaction we ever make. Unfortunately, sometimes this situation can be made even more difficult when property misrepresentation arises.
What is property misrepresentation?
Property misrepresentation occurs if you were lied to or misled by the seller of a property during the sale which then led you to purchase the property. In order for this kind of claim to be brought forward, you will need to establish that something was said, implied or written to you. The misrepresentation will depend on the issue, for example, if the inner structure had problems that were not identified prior to the sale, then your claim would be against the Surveyor.
How does the law work here?
The law requires a purchaser or buyer of a property to make all necessary checks and searches before buying. If something is missed, then ‘Buyer Beware’ – or Caveat Emptor – takes effect. This means that it is the buyer’s responsibility to make sure everything is as it should be.
Once the property is sold, the buyer cannot go back to the seller to reverse the sale or ask for some money back. However, while it is the job of the buyer’s solicitor to ensure that all proper searches are conducted, it is the seller’s responsibility to provide full and honest information about the property before a decision is made.
If you believe that important information has come to light after the property has been purchased, that you believe should have been disclosed before you bought it, then you could be entitled to claim against the seller or your solicitor.
How much compensation could I receive for property misrepresentation?
Property misrepresentation claims can often be very valuable. In one case handled by The Claims Partnership, the buyers of a property received £67,000 after the seller failed to disclose important information to them about the building, which was sold for £124,000. The settlement amount represented 54% of the value of the property.
At The Claims Partnership, we can help investigate whether you have a claim for compensation in relation to the purchase of your home or building, as well as bringing a claim for you, should you decide to proceed.