When one reads all the lovely articles in house and home magazines about the best things to do to prepare your house for sale, they usually include suggestions like paint the walls a neutral colour, tidy up the kids toys, put on coffee or bake bread when people are coming to see the house. These are all valid suggestions and can do no harm in making your property attractive to a potential buyer. However there is one thing that is a bit more serious than put the coffee on and that is a LIM report.
There is a very good chance that anyone serious about purchasing the property will want to see a LIM report (Land Information Memoranda) from the council. The LIM will tell them if there is any outstanding consents, non consented work or any work has been carried out without council approval.
If the purchaser has put forward a sale and purchase agreement with the condition of a LIM report and do not like what they find in the report they can cancel the agreement, meaning all that coffee you brewed and bread you baked were for nothing. This is the worst case, another result would be a potential buyer negotiating the price down because of what they have found.
To avoid these situations it would be wise once you decide to sell, to get a copy of the LIM report yourself and make sure you are aware of all the nasties that it may contain. At least you have the knowledge prior to the purchaser finding out and give you the upper hand in negotiation.
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