Anyone had a subsided property?
Discussion
A good friend of mine is currently investigating a new business idea that involves a financial product for houses that have subsided but been repaired - either underpinned or other remedial works. He's asked me if I know anyone with a subsided house (which I don't), but I wondered if anyone here had experienced it in the past - either in a property they owned, or in buying a property that had subsided.
What was the cause of the subsidence?
Were the repairs carried out and paid for by the insurer?
Were the repairs carried out to a satisfactory standard?
Did future repairs have to be carried out?
Were there any future issues either from the initial cause or from the remedial works carried out?
Was the future sale price of the property affected due to the subsidence?
How long after the subsidence occurred was the property sold/did you buy it?
Was it harder to sell/were sales lost because of the subsidence?
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works?
TL;DR he's looking to get an idea of a greater number of people's experience of subsided properties.
Thanks for your help in advance!!!!
What was the cause of the subsidence?
Were the repairs carried out and paid for by the insurer?
Were the repairs carried out to a satisfactory standard?
Did future repairs have to be carried out?
Were there any future issues either from the initial cause or from the remedial works carried out?
Was the future sale price of the property affected due to the subsidence?
How long after the subsidence occurred was the property sold/did you buy it?
Was it harder to sell/were sales lost because of the subsidence?
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works?
TL;DR he's looking to get an idea of a greater number of people's experience of subsided properties.
Thanks for your help in advance!!!!
The Moose said:
What was the cause of the subsidence? Clay srinkage caused by surrounding vegitation.
Were the repairs carried out and paid for by the insurer? Yes, trees chopped down, re-pointing and re-decorating.
Were the repairs carried out to a satisfactory standard? Yes.
Did future repairs have to be carried out? No. Yearly survey required by mortgage co.
Were there any future issues either from the initial cause or from the remedial works carried out? No.
Was the future sale price of the property affected due to the subsidence? No idea. Bought it after the issue.
How long after the subsidence occurred was the property sold/did you buy it? 3 years.
Was it harder to sell/were sales lost because of the subsidence? Haven't tried to sell.
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes.
Were the repairs carried out and paid for by the insurer? Yes, trees chopped down, re-pointing and re-decorating.
Were the repairs carried out to a satisfactory standard? Yes.
Did future repairs have to be carried out? No. Yearly survey required by mortgage co.
Were there any future issues either from the initial cause or from the remedial works carried out? No.
Was the future sale price of the property affected due to the subsidence? No idea. Bought it after the issue.
How long after the subsidence occurred was the property sold/did you buy it? 3 years.
Was it harder to sell/were sales lost because of the subsidence? Haven't tried to sell.
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes.
What was the cause of the subsidence? Clay soil
Were the repairs carried out and paid for by the insurer? Yes
Were the repairs carried out to a satisfactory standard? Yes
Did future repairs have to be carried out? No
Were there any future issues either from the initial cause or from the remedial works carried out? Only that the insurance company who'd paid for the repairs appeared to be the only company who would continue to insure the property after the repairs.
Was the future sale price of the property affected due to the subsidence? No
How long after the subsidence occurred was the property sold/did you buy it? Repaired 1990, bought 1992, sold 1999.
Was it harder to sell/were sales lost because of the subsidence? No, well known in the area. All engineer's reports and plans were passed from vendor to purchaser in the chain.
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes
Were the repairs carried out and paid for by the insurer? Yes
Were the repairs carried out to a satisfactory standard? Yes
Did future repairs have to be carried out? No
Were there any future issues either from the initial cause or from the remedial works carried out? Only that the insurance company who'd paid for the repairs appeared to be the only company who would continue to insure the property after the repairs.
Was the future sale price of the property affected due to the subsidence? No
How long after the subsidence occurred was the property sold/did you buy it? Repaired 1990, bought 1992, sold 1999.
Was it harder to sell/were sales lost because of the subsidence? No, well known in the area. All engineer's reports and plans were passed from vendor to purchaser in the chain.
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes
What was the cause of the subsidence? Clay Soil
Were the repairs carried out and paid for by the insurer? Yes
Were the repairs carried out to a satisfactory standard? Yes
Did future repairs have to be carried out? No
Were there any future issues either from the initial cause or from the remedial works carried out? No
Was the future sale price of the property affected due to the subsidence? No
How long after the subsidence occurred was the property sold/did you buy it? 14 months
Was it harder to sell/were sales lost because of the subsidence? No
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes, have three with the same issues
Never had an issue with them
Phib
Were the repairs carried out and paid for by the insurer? Yes
Were the repairs carried out to a satisfactory standard? Yes
Did future repairs have to be carried out? No
Were there any future issues either from the initial cause or from the remedial works carried out? No
Was the future sale price of the property affected due to the subsidence? No
How long after the subsidence occurred was the property sold/did you buy it? 14 months
Was it harder to sell/were sales lost because of the subsidence? No
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes, have three with the same issues
Never had an issue with them
Phib
What was the cause of the subsidence? Poor drain construction when built
Were the repairs carried out and paid for by the insurer? Yes
Were the repairs carried out to a satisfactory standard? Not at first - further repairs were required
Did future repairs have to be carried out? Yes
Were there any future issues either from the initial cause or from the remedial works carried out? Yes
Was the future sale price of the property affected due to the subsidence? Don't know
How long after the subsidence occurred was the property sold/did you buy it? Bought 25 years after the event/repairs
Was it harder to sell/were sales lost because of the subsidence? Don't know
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes
Were the repairs carried out and paid for by the insurer? Yes
Were the repairs carried out to a satisfactory standard? Not at first - further repairs were required
Did future repairs have to be carried out? Yes
Were there any future issues either from the initial cause or from the remedial works carried out? Yes
Was the future sale price of the property affected due to the subsidence? Don't know
How long after the subsidence occurred was the property sold/did you buy it? Bought 25 years after the event/repairs
Was it harder to sell/were sales lost because of the subsidence? Don't know
Would you entertain the idea of purchasing a property that had subsided in the past but came with a many-year guarantee for the remedial works? Yes
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff