Good evening, all.
My thanks in advance to anyone who can provide any guidance on the below.
I own a new build property, which is subject to latent defects cover. I purchased this property in 2016 and opened claims under the late defects insurance policy with my adjoining nextdoor neighbor in 2017. These claims have been kicked around by the insurer for several years now but have been accepted and will be actioned in the next year or so.
The works relate to structural defects. In short: the property will need to have its ground foundation strengthened. The open insurance claim will see rectification works take place at both my property and my neighbor, at some point in the future. The claims for each property are identical, but individual to each property, and have been parcelled together by the insurer for their ease.
My ambition is to sell the property as soon as this work is complete, due to my financial position. I would also like to know whether I might also be able to sell the property ahead of the completion of this work (say, via auction), without jeopardising my neighbour's claim.
Am I correct in believing that I could, hypothetically, sell now, since the claims are individually unique to each property?
Grateful for any steer.
Best wishes,
Jon