Did you know that having a bad neighbour can significantly reduce the asking price at which you sell by £7,000 on average your house when you want to move out?
In the recent past people who buy new houses have been advised to ask their agents about their new neighbours.Usually they are obliged to reveal such information and in any case they withhold such vital information , a fine of upto £5,000 can be slapped on them with a possible jail term of two years.
In any community there are bound to be problems and behaviours that are antisocial in nature and the Consumer Protection from Unfair Trading regulations protects house buyers. However most agents would rather not pass the information on the their clients eventhough its their duty to bring such issues to light.There is still hope though by trying to make an informed decision by doing your own reconnaissance visits – you can decide to visit the property multiple times and different timings like in the morning , afternoon and evening hours so as to get a complete picture of the house and the neighbourhood. Another strategy could be talking to your potential neighbours to understand more about your potential new home.
In some instances you can even check the crime rate statistics in the area as well to have a look and feel on the potential security threats.
A bad neighbourhood sometimes also emanates from the nature of planning and the proneness to natural calamities such as floods , pollution or landslides.There are government agencies which are responsible for providing environmental information around the UK such as the Environment Agency that covers England and Wales and also the Scottish Environment Protection Agency which covers Scotland.With regards to future developments in the area, the local planning authority can be contacted to provide valid information.
There are some instances where you will move into a new neighbourhood with good neighbours and a community with good social standings or morals but a few bad characters join you in the process and make your life miserable.You will be required to disclose this to your agent when moving out and this will of course slash the amount of asking price on the property.When this happens , we are able to provide a significant amount of loan for you to top up the proceeds from your property to acquire a new home in a peaceful neighborhood.This can be an upgrade as well from your previous home which could be bigger , safer and is accessible to local social amenities.