Buying a house with subsidence
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Do you want to take on someone else's problem?0
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I am a bit more ambitious than cassoulet and beaujolais. It's this^ attidute that has led to the french having no word for entrepreneurugo.santalucia said:
... but it might end up being equally stressful...shirley_basso said:
It's not a grand design, I assure you.ugo.santalucia said:The stress involved will take over your life and no house is worth that much.
But maybe that's me, every time I see Grand Design I feel for those people...
Think like a French, you don't want that shxt in your life, what you want is cassoulet and Beaujolais Nouveau0 -
It isn't, we had a £ 8.5K quote to remove a square meter of internal supporting wall and fit a couple of steel beamsshirley_basso said:
Ha. I didn't think £5k was realistic!elbowloh said:
It cost our insurer £10k just to remove tree, repair internal/external cracks and redecorate. That's without underpinning!shirley_basso said:Thanks for all your comments.
All I know at present is it has subsidence and needs underpinning The quote has been £5k to resolve but I don't believe it. I've read it can cost £6k-£20k to fix and has a 20-25% impact on value.
So do you think I should look to get work / insurance covered then sort mortgage?left the forum March 20230 -
Good thinkingelbowloh said:If the the seller has insurance, i would get them to instigate the claim process now?
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At the right price, yes.orraloon said:Do you want to take on someone else's problem?
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So first thing is to find out the exact problem.shirley_basso said:
Thanks Tricky. I think you're right and I understand the reason it hasn't sold is because of inability to get a mortgage. I'm keen to find a way to make it work and cheaply.TrickyTree said:
Ok so all banks will instruct a surveyor to carry out a mortgage valuation.shirley_basso said:The work has not been done - it needs doing. Estate agent has said so.
The surveyor will want a structural engineers report to determine what needs doing.
If structural work is required, most banks will want the work completed before they will lend.
Has the owner had a report carried out or is the estate agent guessing?
From what you have said I don’t see you getting a mortgage or buildings insurance.
If it’s current structural moment then the only way you can buy is for you to be a cash buyer.
You may be able to obtain bridging finance secured on your house but that is v expensive.
You would need to know exact problem, to get cost and timeline for repair and then factor in at least 20%+ saving (you won’t be able to sell for 2-3 years after work)
The increased financed costs for you, cost of work, cost of risk is prob much greater than what the seller will reduce by.
Surprised they aren’t selling via auction.
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Thank you. You're no doubt right, but with lockdown, there's not much else I can do with my weekend so going to look anyway.
I wouldn't be looking to sell for at least 5y at minimum
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I would only consider buying a house with problems if it's your "forever home", dream property, call it what you want... even if you fix the problem, majority of potential buyers would never want to have anything to do with it, or even worse, would pull out at the last minute, wasting months of your lifeshirley_basso said:Thank you. You're no doubt right, but with lockdown, there's not much else I can do with my weekend so going to look anyway.
I wouldn't be looking to sell for at least 5y at minimumleft the forum March 20230 -
Didn't they do any other work after the tree was removed? Removing trees can lead to even more problems due to heave in clay areas.elbowloh said:I'd also say the flat I sold (after 4 years of trying) had "historical movement" identified in one survey commissioned by my first buyer and they pulled out.
We had our insurers investigate and they said there was some minor cracking most likely caused by tree roots. They had the tree removed and the cracks repaired and all seemed ok - all done on the insurance. However, over those years I had 4 other buyers all pull out before completion, all were aware of the issue from the start and where given certificates of completion etc. I don't know why any of them actually pulled out, but it could have been a factor.0 -
Nope. Nothing groundworks related, only repairs.Pross said:
Didn't they do any other work after the tree was removed? Removing trees can lead to even more problems due to heave in clay areas.elbowloh said:I'd also say the flat I sold (after 4 years of trying) had "historical movement" identified in one survey commissioned by my first buyer and they pulled out.
We had our insurers investigate and they said there was some minor cracking most likely caused by tree roots. They had the tree removed and the cracks repaired and all seemed ok - all done on the insurance. However, over those years I had 4 other buyers all pull out before completion, all were aware of the issue from the start and where given certificates of completion etc. I don't know why any of them actually pulled out, but it could have been a factor.
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Don't worry, you don't have to buy it.ugo.santalucia said:
I would only consider buying a house with problems if it's your "forever home", dream property, call it what you want... even if you fix the problem, majority of potential buyers would never want to have anything to do with it, or even worse, would pull out at the last minute, wasting months of your lifeshirley_basso said:Thank you. You're no doubt right, but with lockdown, there's not much else I can do with my weekend so going to look anyway.
I wouldn't be looking to sell for at least 5y at minimum0 -
Would be very sceptical of that if the work is properly designed and executed.DeVlaeminck said:20% off value if it's been underpinned - a bit like a repaired insurance write off?
I'm surprised it's that much. I'd certainly be looking for underpinned houses to buy if that's true.1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Good luck.shirley_basso said:Thank you. You're no doubt right, but with lockdown, there's not much else I can do with my weekend so going to look anyway.
I wouldn't be looking to sell for at least 5y at minimum
Hopefully not as bad as the agent has said.
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shirley_basso said:
I am a bit more ambitious than cassoulet and beaujolais. It's this^ attidute that has led to the french having no word for entrepreneurugo.santalucia said:
... but it might end up being equally stressful...shirley_basso said:
It's not a grand design, I assure you.ugo.santalucia said:The stress involved will take over your life and no house is worth that much.
But maybe that's me, every time I see Grand Design I feel for those people...
Think like a French, you don't want that shxt in your life, what you want is cassoulet and Beaujolais Nouveau0 -
This has got a Channel 5 Programme 'Homes from Hell' written all over it.
(I actually thought I was making that up, but Google suggests it is / was a real series).
Also, don't be this woman (apologies for the source but bl00dy hell - did she view at 3 in the morning or something? How do you not notice a pseudo motorway out the back?):
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Please take some of the thoughts / advice here on board - it 'may' turn out to be shrewd bargain if you can get the price down and the work is not too costly. There 'may' also be a reason no one else has bought it either.0
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SB, if I were in your shoes I would walk away. There are - or will be - plenty of other houses available that will fit the bill if you are patient. Ones that don't have all this aggro. We're looking to move house in the next year and no way would I want all of this hassle and uncertainty on top of what is usually one of the more stress-inducing events in life.
It's not often that I agree with Ugo but he talks a lot of sense here."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]1 -
Just to add to the surreal nature of people agreeing with each other I would strongly advise you not to even view it in case you (or the missus) starts getting emotionally attached.Stevo_666 said:SB, if I were in your shoes I would walk away. There are - or will be - plenty of other houses available that will fit the bill if you are patient. Ones that don't have all this aggro. We're looking to move house in the next year and no way would I want all of this hassle and uncertainty on top of what is usually one of the more stress-inducing events in life.
It's not often that I agree with Ugo but he talks a lot of sense here.1 -
I agree with you as well SC. What is the world coming to?surrey_commuter said:
Just to add to the surreal nature of people agreeing with each other I would strongly advise you not to even view it in case you (or the missus) starts getting emotionally attached.Stevo_666 said:SB, if I were in your shoes I would walk away. There are - or will be - plenty of other houses available that will fit the bill if you are patient. Ones that don't have all this aggro. We're looking to move house in the next year and no way would I want all of this hassle and uncertainty on top of what is usually one of the more stress-inducing events in life.
It's not often that I agree with Ugo but he talks a lot of sense here."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Agree with your agreement to the agreement. Strange indeed.Stevo_666 said:
I agree with you as well SC. What is the world coming to?surrey_commuter said:
Just to add to the surreal nature of people agreeing with each other I would strongly advise you not to even view it in case you (or the missus) starts getting emotionally attached.Stevo_666 said:SB, if I were in your shoes I would walk away. There are - or will be - plenty of other houses available that will fit the bill if you are patient. Ones that don't have all this aggro. We're looking to move house in the next year and no way would I want all of this hassle and uncertainty on top of what is usually one of the more stress-inducing events in life.
It's not often that I agree with Ugo but he talks a lot of sense here.
The house we bought recently had a covenant placed on it in 1961, about not extending or adding sheds / garden buildings etc, without permission of the people who sold the land for building. Despite the fact the person who had owned it since it was built had done just that in the 70s and 80s that without seeking agreement, nor in having any enforcement served. Even getting to the bottom of this was painful & long winded.
As others have said - there are other houses.1 -
True, there is some weird stuff in deeds, we found some in ours which fortunately didn't affect us but will definitely take an interest when we come to buy whatever new place we decide on.yorkshireraw said:
Agree with your agreement to the agreement. Strange indeed.Stevo_666 said:
I agree with you as well SC. What is the world coming to?surrey_commuter said:
Just to add to the surreal nature of people agreeing with each other I would strongly advise you not to even view it in case you (or the missus) starts getting emotionally attached.Stevo_666 said:SB, if I were in your shoes I would walk away. There are - or will be - plenty of other houses available that will fit the bill if you are patient. Ones that don't have all this aggro. We're looking to move house in the next year and no way would I want all of this hassle and uncertainty on top of what is usually one of the more stress-inducing events in life.
It's not often that I agree with Ugo but he talks a lot of sense here.
The house we bought recently had a covenant placed on it in 1961, about not extending or adding sheds / garden buildings etc, without permission of the people who sold the land for building. Despite the fact the person who had owned it since it was built had done just that in the 70s and 80s that without seeking agreement, nor in having any enforcement served. Even getting to the bottom of this was painful & long winded.
As others have said - there are other houses.
But don't want to derail the thread with that - hopefully SB is listening to the main message."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
I'll keep you all posted! Haha0
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I’d say find out all you can and go and have a look. If it’s an existing and untreated subsidence issue then I’d bet they’re looking for a cash buyer, prob a builder to repair, renovate and flip (although it sounds like the type of property that would go to auction really).
Like you say, if you’ve nothing else to do at weekends why not take a look and find out more. As shown on various threads on here, people have vastly different appetites for risk.0 -
Big risk for big reward... if you are taking a big risk to save 20%, I'd say it's not worth it.pinkbikini said:I’d say find out all you can and go and have a look. If it’s an existing and untreated subsidence issue then I’d bet they’re looking for a cash buyer, prob a builder to repair, renovate and flip (although it sounds like the type of property that would go to auction really).
Like you say, if you’ve nothing else to do at weekends why not take a look and find out more. As shown on various threads on here, people have vastly different appetites for risk.
I'd be all for taking a punt on a boarded terraced in a dodgy area for a grand... you never know, 10 years down the line might be worth 100 times more... but a wounded house at best will become a mended house... just a lot of risk for not much reward, regardless of the outcomeleft the forum March 20230 -
This thread should be called, "I've decided to buy a house with subsidence, advice to save me from financial ruin please."2
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I haven't looked at it yet!
Surely if the price is low enough, it's worth it?0 -
No idea. What sticks out for me is that you are only considering it because you can't sell your current house.shirley_basso said:I haven't looked at it yet!
Surely if the price is low enough, it's worth it?0 -
Not really. I'd happily buy something else on budget which isn't falling down.
This seemed like a nice opportunity this morning but now less so.0 -
Quite possibly yes.shirley_basso said:I haven't looked at it yet!
Surely if the price is low enough, it's worth it?
The problem will be trying to get a mortgage if you need one.
I’m guessing the current owner isn’t insured otherwise they would surely claim and get the issue rectified.
Once you know the specifics give a few insurance companies a call and see if they would cover you.
I suspect none will and without buildings insurance you won’t get a mortgage.0 -
Why is your property not selling? Is it dull and boring and like any other property in your area?
Sometimes inexpensive updates can make it stand out from all the other houses with beige carpets, plastic windows, Ikea kitchens and white wallsleft the forum March 20230