House subsidance ???
Discussion
A colleague has recently looked at a house to buy in London..he noticed a small crack by the window.After a full survey it showed some subsidance.The guesstimated cost to put right is £5k,a very small % of the house value obviously.
On a straw poll round the office the advice is walk away.Only buy if it is really cheap.
Does anyone have any experience of buying a house to sort problems out such as this?
On a straw poll round the office the advice is walk away.Only buy if it is really cheap.
Does anyone have any experience of buying a house to sort problems out such as this?
get a few quotes from specialist companies.remember a surveyors report isn't worht the paper it's written on.
They have a clause so that at any later date anything they miss on survey.(like major subsidance)!! you cannot sue them for.
We had this when we bought the house we live in know.Surveyor who was paid in the region of £600 failed to notice the garage wall was bowing out and about to collapse. We had to pay for the work and it's really annoying when u have paid a professional to survey for you and they miss this.
incidently we werent to angry as the garage had to be rebuilt to extend the house.but it's a matter of principle.
They have a clause so that at any later date anything they miss on survey.(like major subsidance)!! you cannot sue them for.
We had this when we bought the house we live in know.Surveyor who was paid in the region of £600 failed to notice the garage wall was bowing out and about to collapse. We had to pay for the work and it's really annoying when u have paid a professional to survey for you and they miss this.
incidently we werent to angry as the garage had to be rebuilt to extend the house.but it's a matter of principle.
I'd be concerned about resale and insurance costs. "Has the house had any history of subsidence?" ...
Bit like buying a crashed car. It might be fine now, but it will still be less appealing than one that hasn't been 'crashed' 2 doors down even if it's cheaper.
IMO the sellers ought to take the house off the market, fix the subsidence then put it back on the market without telling anyone - better for all concerned. However, don't the council inspectors get involved in all underpinning/subsidence cases?
Bit like buying a crashed car. It might be fine now, but it will still be less appealing than one that hasn't been 'crashed' 2 doors down even if it's cheaper.
IMO the sellers ought to take the house off the market, fix the subsidence then put it back on the market without telling anyone - better for all concerned. However, don't the council inspectors get involved in all underpinning/subsidence cases?
There are 2 options:-
1. Get the current owners to do the work having claimed on their insurance. I strongly recommend you then use the same insurance company to insure the house, as not doing so can lead to all manner of issues regarding liability! However if following this route note that people are put off from buying houses that have suffered subsidence in the past. Therefore even though the work has been done you would still expect a discount.
2. Buy the house, but you need a discount more than the cost of doing the work, as the house will be worth less than one which has not had subsidence. You may find insurance had to achieve unless you have a guarantee for the work.
The question has to be what is causing subsidence? Is the property subsiding or is that the surveyor covering themselves. If the property is one of a type, have a look at the others, see if they are cracking in the same place.
These days subsidence repairs shouldmake the house as good as new, but no one believes it!
1. Get the current owners to do the work having claimed on their insurance. I strongly recommend you then use the same insurance company to insure the house, as not doing so can lead to all manner of issues regarding liability! However if following this route note that people are put off from buying houses that have suffered subsidence in the past. Therefore even though the work has been done you would still expect a discount.
2. Buy the house, but you need a discount more than the cost of doing the work, as the house will be worth less than one which has not had subsidence. You may find insurance had to achieve unless you have a guarantee for the work.
The question has to be what is causing subsidence? Is the property subsiding or is that the surveyor covering themselves. If the property is one of a type, have a look at the others, see if they are cracking in the same place.
These days subsidence repairs shouldmake the house as good as new, but no one believes it!
Depends on the extent and cause of the problem - I would imagine for £5k it is not too serious. Is there a history of subsidance in the area? Does they want to stay in the property for a long time. My parents bungalow subsided after the hot summer of 1976 and cost £25k to underpin and repair. When they sold it in 1998 they had to accept below market value although the property had not shown any evidence of further problems since. BTW it is illegal not to declare that an insurance claim has been made on the house - a standard question in the pre-contract enquiries.
If it really is the house for them I would suggest they make further enquiries via a Structural Engineer and get their advice - also consider getting the current vendor to sort the problem out and renegotiate the price. The house insurance can sometimes be transferred from one vendor to another. Sometimes window cracks can just be because the lintle used was not sufficient and can easily be resolved.
If it really is the house for them I would suggest they make further enquiries via a Structural Engineer and get their advice - also consider getting the current vendor to sort the problem out and renegotiate the price. The house insurance can sometimes be transferred from one vendor to another. Sometimes window cracks can just be because the lintle used was not sufficient and can easily be resolved.
We are in the process of purchasing a detached house in Essex, we were just told yesterday by our lawyer that the house had history of subsidance in 1995 due the dry summer. there were two massive trees had been removed in front of the house in 1996, the house had been underpinned the same time. internally crack damages were all in the first floor. we were expecting to sign the final contract in 2 weeks , Bank mortgage survery has done and everything seemed ok, suddently the bad news came out. We have no idea about it, but extra structural engineers survery we might need now, so that we found out the original structural engineer who underpinned the house and removed trees. we asked for an inspection again after 15 years. We will appreciate any suggestion you can give.
Quin
Quin
quin said:
We are in the process of purchasing a detached house in Essex, we were just told yesterday by our lawyer that the house had history of subsidance in 1995 due the dry summer. there were two massive trees had been removed in front of the house in 1996, the house had been underpinned the same time. internally crack damages were all in the first floor. we were expecting to sign the final contract in 2 weeks , Bank mortgage survery has done and everything seemed ok, suddently the bad news came out. We have no idea about it, but extra structural engineers survery we might need now, so that we found out the original structural engineer who underpinned the house and removed trees. we asked for an inspection again after 15 years. We will appreciate any suggestion you can give.
Quin
Post in this section click here for home and gardensQuin
I'm an insurance broker. We are asked to quote on houses that have suffered with subsidence and I can be totally honest and say it is a complete nightmare. Most people are forced to insure with the company who paid out for the initial underpinning (as they obviously signed off the work as being done correctly) and this can lead to some silly preiums - 'over a barrel' springs to mind.
Any new insurer will want a FULL structural survey (mucho money) before they will even look at a quote and even then they aren't guaranteed to quote.
Any new insurer will want a FULL structural survey (mucho money) before they will even look at a quote and even then they aren't guaranteed to quote.
Si 330 said:
chrismcg1 said:
Any new insurer will want a FULL structural survey (mucho money) before they will even look at a quote and even then they aren't guaranteed to quote.
On a property with this history you would have a full structural survey before buying.JR said:
Si 330 said:
chrismcg1 said:
Any new insurer will want a FULL structural survey (mucho money) before they will even look at a quote and even then they aren't guaranteed to quote.
On a property with this history you would have a full structural survey before buying.Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff