Well indeed - seems crazy to me for an insurer to reduce it's potential customer base so dramatically.
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Would you buy a house with subsidence history
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Posted 2 years ago #
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No, I'd never buy any kind of listed building.
Posted 2 years ago # -
I scrolled down this really quickly but I've got a house with piling that goes down 6 meters in places. It will never move :-). Also my last house in London also had a small amount of subsidence (but it had been fixed- so never a problem).
I got hit with a £3k subsidence excess when I bought it 5 years ago. Given the last claim 15 years ago cost £40k. I live with that.
I would always take each property on it's own merits and ensure work was done properly and warranted. No paperwork - then walk.
Final point is loan to value. The land of mine is worth it on it's own, so no issues (oh and don't flag it too much to lenders - but don't lie to insurers)
Oh and I work in insurance so know how to present it as a good risk - but it's still a challenge. Good Luck.
Posted 2 years ago # -
I used to be a claims manager, seen a fair few subsidence cases - as all have said, if the house is a keeper, and the problem was diagnosed and cured correctly, it will be worth it, might even be worth an extra grand or whetever to have your own investigations if you want to doublecheck given the potential savings you might make on the purchase price. If you are looking for a quick turn around, it will always deter fuure buyers I'm afraid.
As for London, I attended conferences back in the early 90s pointing out the risk to the capital if the Thames Barrier failed, and warning that large parts of the underground would be unusable by the distant date of 2010 due to rising water levels. I suspect that those experts have now moved on to the global warming debate......
Posted 2 years ago # -
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Posted 2 years ago # -
That house is clearly still moving, from the fresh cracking etc. Needs a ton of other work. Are those soffit boards asbestos? If so, where else in the house? Not saying it couldn't be a nice house with a load of time and money thrown at it, but if you're on contract work and may need to sell before all the work is done and any remedial work for movement has had time and paperwork to make it more sellable again. So, tree removal, engineers reports, underpin, pointing and repairs, whatever the artex is hiding, full decoration etc. I'd be walking.
Posted 2 years ago # -
mmm I'm coming round to that way of thinking to be honest. Just looks like such an opportunity, but I'm aware it's more likely to be a noose.
Posted 2 years ago # -
I would not bother it is only a house and the costs could be far more than initially planned for not matter what engineers and surveyors tell you. Once building work starts and you really see what is there then you can get a near costing, just not worth the risk especially with the market how it is. Unless you getting property for peanuts and I mean far less than figure you have quoted.
Posted 2 years ago #
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