Subsidence and selling

nic3579

We had very minor subsidence on our house last year through our nieghbour (next door but one) having a burst water main pipe in their front garden. Was assessed and recitfied through insurance. No underpinning was needed, cracks simply filled and painted and new ceilings put up.
We are thinking of selling.....would the subsidence affect the value of our property? And do we need to declare the subsidence to potential buyers? Don't want to dupe any potential buyers but as the word subsidence scares alot of buyers and as no structural work was required just redecoration no problems would be caused.

Many thanks for any advice

chewmylegoff

nic3579 wrote: »

We had very minor subsidence on our house last year through our nieghbour (next door but one) having a burst water main pipe in their front garden. Was assessed and recitfied through insurance. No underpinning was needed, cracks simply filled and painted and new ceilings put up.
We are thinking of selling.....would the subsidence affect the value of our property? And do we need to declare the subsidence to potential buyers? Don't want to dupe any potential buyers but as the word subsidence scares alot of buyers and as no structural work was required just redecoration no problems would be caused.

Many thanks for any advice

i sold a house with similar minor subsidence with no underpinning a couple of years ago. we disclosed it all through our solicitors during the conveyancing process, didn't lead to the offer being reduced, and the buyers solicitors did not seek any further information after the initial disclosure.

merc55

I found out that a house we are buying had "minor movement" due to removed tree and it is making me think twice because (as far as I understand it) this would need to be declared to the insurance company, after which they run a mile.

I am happy that the house is sound and has been standing solid for 22 years, but am put off by the direct questions on subsidence by IC and worried about selling in future.

Or am I being far too paranoid?

Eric1

chewmylegoff wrote: »

i sold a house with similar minor subsidence with no underpinning a couple of years ago. we disclosed it all through our solicitors during the conveyancing process, didn't lead to the offer being reduced, and the buyers solicitors did not seek any further information after the initial disclosure.

seems you were lucky, or perhaps the buyers were subsidence experts

merc55 wrote: »

I am happy that the house is sound and has been standing solid for 22 years, but am put off by the direct questions on subsidence by IC and worried about selling in future.

Or am I being far too paranoid?

I'd say it's reasonable to assume that your future buyers will be as cautious as yourself