Need help with survey results

tenke

Hi,

In our basic valuation survey, it states that there is no evidence of subsidence, heave, landslip or structural or flood damage..

Now it does state knowledge of any such problems affecting properties in the vicinity...

My question is:

Does that mean I have a problem to insure the property, i mean like i have to pay a lot for this??

Hope this makes sense:o

Thanks for your help

sdooley

Reinstatement cost is random and different from house price. In the last recession there were houses giong for £10K. Even then you couldn't get near building a house for that - even just materials would probably be more.

Typically land value is so high in Britain that the insurance recommendation is lower but if house prices fall it doesn't necessarily mean the cost of rebuilding does too - and it's not just your house you might have to rebuild from the insurance if your gas explodes in a terraced house.

tbs624

Ring the valuer/surveyor and ask him for more information. Which of those items affect properties in the vicinity- one, some or all ? Is he talking about evidence on next door's property that, say, it has been underpinned or there is cracking or settlement or is he talking about area -wide difficulties?

You can check flooding issues yourself with the Environment Agency using the property's postcode and you can also ask for general advice from a local insurance broker. Your insurance premiums *may* cost you more and/or you may have to pay a larger excess, in the event of a claim, so also get advice on all of this from your solicitor.

Doozergirl

Your 'basic valuation survey' is for the lender's purposes, not yours.

If you wanted to be totally sure that the house was sound, you'd have to commission your own survey - the valuer probably just looked it over very briefly.

Most of London for example is built on clay which expands and contracts, causing subsidence but still only a relatively small number of houses suffer. I'm sure premiums are slightly higher in affected areas but unless the building has actually been affected and a claim has been made, the difference probably won't be tangible enough - there are so many different elements that appear to make up an insurance quote.