A: You now have no choice but to disclose this to any other interested parties.
Since June last year, both property sellers and estate agents have been legally required to tell buyers about structural defects as well as any other information that could affect a buyer’s decision to make an offer on the property.
This includes disclosing information with respect to a previous sale falling through because of a bad survey report. Sellers must detail the problems identified, as well as disclose any known defects within the property.
The requirement also extends to anything that could inhibit the buyer’s enjoyment of the property, including noisy or problem neighbours.
Recent regulatory changes have brought property sales under the Consumer Protection from Unfair Trading regulations, which came into force in 2008.
Basically complete transparency is the only way forward irrespective of the impact it may have on your sale.
Agents and sellers that do not disclose relevant information could face harsh penalties to include criminal charges and up to two years in prison.